The company's Turner Networks unit—home to CNN, TBS and TNT—also posted an increase in revenue on higher subscription and advertisement sales.
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Net income from continuing operations attributable to Time Warner common shareholders rose to $843 million, or 94 cents per share, for the three months ended June 30, from $698 million, or 73 cents per share, a year earlier.
On an adjusted basis, the company earned 98 cents per share.
Revenue increased to $6.79 billion from $6.61 billion.
Analysts, on average, had expected a profit of 84 cents a share on revenue of $6.87 billion, according to Thomson Reuters.
The company, which also owns the Warner Bros. movie studio, forecast full-year 2014 adjusted profit growth in the low teens in terms of percentage, off a base of 2013 adjusted earnings of $3.51 per share.
Time Warner said in April it expected its full-year adjusted profit to grow in the low- to mid-teen percentage range, or better, for at least the next three or four years.
The company had spun off its magazine company Time this quarter.
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— By Reuters. CNBC contributed to this report