"We're not going to comment on the proposal from 21st Century Fox, or the withdrawal," Time Warner CEO Jeff Bewkes said about the offer from Murdoch's entertainment company on a conference call today to discuss earnings. The bid was dropped yesterday. "We're focused on delivering growth for shareholders," Bloomberg reports.
Time Warner's second-quarter profit beat analysts' estimates, lending support to Bewkes' argument for continued independence, Bloomberg noted.
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Time Warner's earnings, excluding one-time items and the Time Inc. magazine unit, were 98 cents per share. Analysts predicted 84 cents on average.
Sales climbed to $6.79 billion, missing the average estimate of $6.88 billion.
Time Warner reaffirmed its annual forecast, expecting adjusted profit to increase by a "low teens" percentage this year, up from a prior projection of about 10% or 11%.
The company had adjusted profit of $3.51 a share in 2013, a figure that excludes Time Inc.
Time Warner's second-quarter net income rose to $850 million, or 95 cents a share, from $771 million, or 81 cents, a year ago.
TheStreet Ratings team rates TIME WARNER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: