Time Warner Inc (NYSE:TWX) reported Wednesday their first quarter results with revenues coming in at $6.9 billion. Revenues were almost flat compared to the year ago quarter as a good performance from Networks Segment was offset by sluggish results from Film and TV Entertainment and Publishing segments.

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Adjusted operating income for the company was up 7 percent to $1.4 billion owing to improvement in Networks and Film and TV Entertainment segments. Adjusted operating margin for the media company stood at 21 percent for the first quarter. For the first quarter, adjusted diluted net income per common share came in at 0.82 versus $0.67 for the year-ago quarter.

Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a strong start in 2013, making us even more confident in our full-year outlook.”

Time Warner Inc (NYSE:TWX)’s board authorized $4 billion in share repurchases in January this year. Form January 1 until April 26 the company has repurchased approximately 16 million shares amounting to approximately $868 million.

For the Networks division, which includes Turner Broadcasting and HBO, revenues were up 3 percent to $3.7 billion, owing to growth in Subscription revenues. Adjusted operating income for the division grew 7 percent to $1.3 billion on account of higher revenues. For the Film and Entertainment division, which includes Warner Bros., revenues were down 4 percent to $2.7 billion highlighting sluggish theatrical performance and low television licensing revenues. Adjusted operating income for the division jump 23 percent to $265 million backed by impressive performance from The Hobbit: An Unexpected Journey and lower print and advertising costs. Publishing division, which includes Time Inc., revenues fell 5 percent to $737 million owing to a decline in subscription revenues. The division posted an adjusted operating loss of $9 million compared to an income of $48 million in the year ago quarter. Restructuring and severance costs at the division and for the whole group increased to $80 million from $27 million a year ago.

During the quarter, the conglomerate announced plans to spin off the Time Inc. unit. Shares of the segment will be given to shareholders of the Time Warner Inc (NYSE:TWX), but as a separate company. The media company also revealed plans to slash the headcount by 6 percent at Time Inc.

Time Warner Inc (NYSE:TWX) reaffirmed its 2013 full-year business outlook expecting full-year percentage growth rate in adjusted diluted net income per common share or adjusted EPS to be in the low double digits.