NEW YORK (TheStreet) -- It wasn't without a degree of awkwardness that Time Warner (TWX) 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV