Time Warner Inc. experienced a drop in revenues in its filmed entertainment division, primarily due to a lack of big name home entertainment releases, the company announced Wednesday. Film entertainment revenues were $2.4 billion for the quarter ending June 30. That is a 10 percent drop from the second quarter of 2005, when filmed entertainment revenues were $2.7 billion. The company attributed the drop to higher home video revenues in the second quarter of 2005 with the release of “Ocean’s 12,” “The Aviator,” and several seasons of “Seinfeld.” Time Warner owns the Warner Bros. Studios located in Burbank and is part owner along with CBS Inc. of The CW television network debuting in September, also housed in Burbank. Overall, Time Warner’s net income came in at just over $1 billion or $0.24 per diluted share on revenues of $10.7 billion. That is an increase over the second quarter of 2005 when the company had a net income loss of $409 million, or $0.09 per diluted share, on revenues of $10.6 billion. In late July, Time Warner Cable closed on its joint purchase with Comcast Corp. of assets belonging to Adelphia Communications Corp., growing its customer base for cable in the Los Angeles area. Highlights for the second quarter in the filmed entertainment division included the release of “Superman Returns” to theaters, which generated worldwide box office receipts of $320 million through the end of July; and Warner Home Video ranking number one in home video sales in the U.S. for the year through June 24 with a 19.4 percent market share.
