Time Warner reported its fastest growth in two years and CEO Jeff Bewkes says media is back: "We're looking at a very strong performance in the middle of this economic situation."
I spoke exclusively with Bewkes after Time Warner's earningscall: the company posted 7 percent higher profit, 8 percent higher revenue, and raised its full year adjusted EPS outlook to 20 percent over 2009.
Bewkes says that ad strength is continuing into the third quarter with scatter market pricing up 20 percent over Upfront pricing. Networks — Turner and HBO — led the company's growth, on 14 percent higher ad revenue and 9 percent higher subscriptions.
The ad number is key, particularly because ratings at Turner have been slipping in recent quarters.