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Media News: Time Warner Earnings, Sinclair Acquisition

Posted: Nov. 3rd, 2011  |  By Forbes

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Harry Potter worked his magic on Time Warner earnings in the third quarter.

The media conglomerate said earnings jumped to $822 million, or $0.78 per share, from $522 million, or $0.46 per share, helped by an increase in revenue from its movie unit, thanks to the final Harry Potter film.

Adjusted earnings of $0.79 per share beat analyst expectations, as did an 11% increase in revenue, to $7.1 billion.

Also today, television station operator Sinclair Broadcast Group (nasdaq: SBGI - news - people ) said it has agreed to buy the broadcast assets of Freedom Communications for $385 million.

Freedom owns eight stations in seven markets.

Sinclair said the transaction will result in it owning two full power stations in West Palm Beach, Florida, and will also allow the company to expand its middle market position and network diversification.

The transaction is expected to close late in the first quarter or early in the second quarter of 2012.

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