Time Warner Returns to Profit in Fourth Quarter

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NEW YORK -- Time Warner Inc., the world's largest media company, returned to profit in the fourth quarter of 2003 after reporting a $44.9 billion loss in the same period a year ago, the company said Wednesday.

Gains in its movie and cable TV units helped the company post net earnings of $638 million, or 14 cents a share, in the three months ending in December, just shy of the 15 cents per share that analysts surveyed by Thomson First Call had been expecting. Revenues rose 6 percent to $10.9 billion from $10.25 billion in the same period a year earlier.

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Time Warner Returns to Profit in Fourth Quarter

Last year's loss stemmed from write-downs in the value of the company's AOL unit, which...

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