''Kong: Skull Island'' and ''The LEGO Batman Movie'' drove the media giant's quarterly profit and revenue sharply higher. Fred Katayama reports.
The caped crusader brightened the picture at Time Warner. "The LEGO Batman Movie" and "Kong: Skull Island" helped boost quarterly profit 17 percent. Revenue at its biggest unit, the movie studio Warner Bros., rose more than 8 percent. Box Office Mojo reports that "Kong" grossed more than half a billion dollars globally, and "Lego Batman" has taken in more than $300 million. A rise in subscription revenues helped boost overall revenue at its other two units, Home Box Office and Turner. Evercore ISI analyst Vijay Jayant said, "2017 is shaping up to be another good year for Warner Bros. theatrical releases, and HBO continues its global penetration growth and over-the-top subscriber momentum." Time Warner's results come just as media companies struggle to keep their viewers from flocking to streaming services like Netflix and Amazon Prime. The company said it's still on track to close its merger with AT&T by year's end. Time Warner shares added to their nearly 3 percent gain this year at the market open.