Time Warner Earnings Beat, Boosted By March Madness Hype

Time Warner (TWX) reported results on Wednesday that beat analyst estimates. The media giant posted earnings of $1.19 per share, down from last years $1.42 per share. First quarter revenue also came in higher than expected jumping almost 5 percent to $7.1 billion. Declines at Warner Brothers and HBO were offset by March madness profits in the Turner division. Box office hit 'American Sniper' also boosted the company balance sheet, grossing $541.7 million globally. This month Time Warner launched its new broadband streaming venture HBO Now, targeting the cord cutting generation. Shares of Time Warner were up on the earnings news.