Time Warner 1Q Profit Rises 17.3%

Time Warner, which is being bought by AT&T, reported a 17.3 percent rise in profit, helped by the success of its releases "Kong: Skull Island" and "The Lego Batman Movie" in the first quarter.

The company's net income increased to $1.42 billion, or $1.80 per share, in the three months ended March. 31, from $1.21 billion, or $1.51 per share, a year earlier.

Revenue rose to $7.74 billion from $7.31 billion.

Time Warner said on Wednesday it was on track to close its merger with AT&T before the end of 2017. U.S. President Donald Trump has, during his election campaign, opposed the $85.4 billion deal.

(Reporting by Rishika Sadam in Bengaluru; Editing by Savio D'Souza)