Time Warner earnings top expectations

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Time Warner reported quarterly earnings that topped analysts' expectations on Wednesday, helped mainly by higher subscription fees from its Turner Broadcasting and Home Box Office networks.

The company's net income fell to $970 million, or $1.15 per share, in the quarter ended March 31, from $1.29 billion or $1.42 per share, a year earlier. The media giant posted first-quarter adjusted earnings of $1.19 per share.

Revenue rose to $7.1 billion from $6.8 billion a year ago.

Wall Street expected the media giant to post quarterly adjusted earnings of $1.09 per share on revenue of $7 billion, according to a Thomson Reuters consensus estimate.

Time Warner shares were higher in premarket trading following the announcement. (Get the latest quote here.)

The company also backed its 2015 adjusted earnings forecast of $4.60 to $4.70 a share.

Time Warner's stock has risen more than 36 percent in the last 12 months, aided in part by higher Home Box Office (HBO) subscription fees. HBO recently made headlines after unveiling HBO Now, a standalone streaming service, at a monthly price of $14.99.

Nevertheless, the company's stock lags against Walt Disney's, another media behemoth. Disney's stock has risen more than 41 percent in the last 12 months.

The company also increased its dividend to 35 cents per common stock in February from about 32 cents.

CNBC's Terri Cullen and Reuters contributed to this report.