Time Warner on Wednesday posted higher third-quarter profit, beating Wall Street estimates on growth in advertising and subscription fees at its cable networks.
Shares rose 2.7 percent to $70 in pre-market trading following the announcement. (Click here to track the company's shares following the report.)
Revenue at its cable unit, which includes Turner Broadcasting channels such as CNN as well as premium movie service HBO, increased 5 percent to $3.5 billion. Advertising was up 11 percent to $96 million.
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