At Warner Bros., the company benefited from its new dramas Revolution and The Following, as well as HBO's Game of Thrones. Time Inc., publisher of Time, Sports Illustrated and Fortune, reported a 4.7% drop in sales to $737 million. The magazine publisher, which also said it will cut 6% of its workforce, is due to be spun-off into its own publicly traded company in a transaction expected to be completed toward the end of 2013.
For 2013, Time Warner, said in a statement it expects earnings will increase at a rate in the "low double digits" from $3.28 a share in 2012, excluding some items. The company expects to incur $60 million in expenses related to restructuring at Time Inc., its magazine business. Written by Leon Lazaroff in New York