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Time Warner Beats Estimates

The media giant sets a big buyback plan.
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Time Warner (TWX) beat second-quarter earnings estimates and set a $5 billion stock buyback plan.

The New York-based media giant made $1.1 billion, or 28 cents a share, for the quarter ended June 30, up from the year-ago $1 billion, or 24 cents a share. Revenue rose 6% from a year earlier to $11 billion.

Before unusual items, earnings rose to 22 cents a share from 19 cents a share a year earlier, beating the Thomson Financial analyst consensus estimate of 20 cents a share.

The company reaffirmed its full-year financial targets.