Who needs Twenty-First Century Fox Inc (NASDAQ:FOXA)? Less than 24 hours after fighting off a buyout attempt by  Rupert Murdoch and Fox, Time Warner Inc (NYSE:TWX) turned in scintillating second-quarter earnings of 98 cents a share. This figure topped Wall Street analyst estimates, who were projecting earnings of 84 cents a share. The excellent results were largely related to the company’s success in containing costs and increased profits from HBO. Time Warner earned 83 cents a share in the year ago quarter.

Despite the strong earnings report, Time Warner Inc (NYSE:TWX) shares are off by more than 11% as of noon ET today, with the news that Fox is pulling its $80 billion bid for the company causing a major selloff.

Details on Time Warner 2Q earnings

HBO was a bright spot for Time Warner. The premium movie and more network saw revenues soar by 17% and adjusted operating income up by 23% compared to the same quarter last year. The company noted a solid increase in in subscriptions to HBO and income from licensing some shows to Amazon.

Turner, Time Warner Inc (NYSE:TWX)’s news division including CNN, saw revenues increase by 5% due to strong subscription fee growth, and adjusted operating income jumped by 15%.

Warner Bros. studio revenues were down by 2%, related to “softer theatrical performance in the current year quarter.” On the other hand, adjusted operating income was up a robust 28% year-over-year, mainly due to home entertainment and television.

Time Warner revenue was up just over 3% for the quarter year-over-year, totaling $6.79 billion, and just missing analyst estimates of $6.88 billion. The firm’s adjusted operating income was up 17% for the three month period.

Statement from Time Warner CEO

“We had another strong quarter,” Time Warner Inc (NYSE:TWX) CEO Jeff Bewkes said in a statement, “reflecting the strength of our businesses and our potential for continued growth as we deliver on our strategic plan to be the world’s leading video content company.”

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