Time Warner Profit Up Slightly

Time Warner reported a small profit increase for the first-quarter based on an increase in advanced cable service subscribers and advertising sales at AOL and TNT. Time Warner's net income for the first quarter was $963 million, up from $961 million the year before. Chairman and CEO Dick Parsons said, "I'm pleased that our businesses delivered such a solid performance this quarter -- underscoring our broad-based strength and the success of our strategy to run our businesses as best in class. Driven by growth across our Cable, AOL and Networks segments, these results, particularly our substantial Free Cash Flow generation, give us a great start to meeting our full-year financial objectives. Reuters latest ebusiness news