"That forecast is for Time Warner as we know it today," said Parsons on the conference call. "It applies to the current long-term plan, including the cable business."

For the third quarter, Time Warner's net income fell to $1.09 billion, or 30 cents a share, from $2.32 billion, or 57 cents a share, a year earlier, when results included gains from asset sales and tax-related items.

Earnings from continuing operations were 24 cents a share in the latest quarter, matching Thomson Financial's average analyst estimate. The company earned 19 cents a share on a comparable basis a year ago.

Its revenue rose 9% for the quarter to $11.68 billion from last year's $10.75 billion. That beat expectations for revenue of $11.36 billion.

Shares of the media colossus were recently down 3 cents, or 0.2%, to $18.30.

Time Warner Cable ( TWC), which was partially spun off early this year in an IPO, posted a 28% jump in profits, thanks to new subscribers coming from bankrupt Adelphia Communications and growth of its triple-play offering, which includes digital cable, phone and broadband Internet access. Its revenue rose 25% to $4 billion.

Time Warner saw the biggest revenue growth at its filmed entertainment division, where the top line jumped 33% to $3.18 billion. Adjusted earnings from its film businesses, consisting of the New Line and Warner Bros. studios, jumped 71% to $359 million thanks to the latest Harry Potter flick, Ocean's 13 and Hairspray.