Updated from 6:19 a.m. EDT

NEW YORK ( TheStreet) -- Time Warner ( TWX) said second-quarter earnings fell 34% to $519 million, or 43 cents a share, from $792 million, or 66 cents a share, a year earlier.

Adjusted earnings of 45 cents topped the estimates of analysts of 37 cents a share as surveyed by Thomson Reuters.

Revenue in the quarter fell 9% to $6.8 billion. At Time Warner's content group, which is made up of the networks, filmed entertainment, publishing and corporate segments, revenue declined 6%.

The content division saw adjusted operating income before depreciation and amortization rise 4% in the period.

The company said it's "on track" to spin off AOL around the end of the year.

Time Warner said again it continues to expect 2009 full-year adjusted earnings to be flat compared with adjusted earnings of $1.98 a share in 2008. Analysts expect 2009 earnings of $1.99 a share.

--Reported by Joseph Woelfel in New York.

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