NEW YORK (TheStreet) -- It wasn't without a degree of awkwardness that Time Warner (TWX - Get Report) reported second-quarter earnings just over 12 hours after former suitor 21st Century Fox (FOXA) retracted its $80 billion acquisition bid. Any inkling of financial weakness from Time Warner would have made CEO Jeff Bewkes look foolish for rejecting Fox Chairman Rupert Murdoch's solicitation.
For Fox too, which reported after the bell Wednesday, softness in growth would have made the offer's withdrawal look like a desperate attempt to save face after over-estimating buying power.
But both companies averted such embarrassments by each reporting strong respective quarters. Time Warner, buoyed by HBO shows Game of Thrones and True Detective and home entertainment sales of The Hobbit and The Lego Movie, reported earnings of 98 cents a share on sales 3% higher year over year to $6.8 billion. Both measures topped analysts' estimates.
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