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News Summary: Time Warner 4Q net falls 12 pct

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Photo - CORRECTS YEAR OF REPORT TO 2014 - FILE - In this Feb. 2, 2009 file photo, a Time Warner Cable truck is parked in New York.Time Warner Inc. reports quarterly earnings on Wednesday, Feb. 5, 2014. (AP Photo/Mark Lennihan, file)
CORRECTS YEAR OF REPORT TO 2014 - FILE - In this Feb. 2, 2009 file photo, a Time Warner Cable truck is parked in New York.Time Warner Inc. reports quarterly earnings on Wednesday, Feb. 5, 2014. (AP Photo/Mark Lennihan, file)
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PROFIT DROP: Time Warner said Wednesday that its fourth-quarter net income dropped 12 percent, as investments in programing and other costs offset revenue growth. The media and entertainment company's adjusted profit and revenue beat Wall Street predictions.

DETAILS: Revenue rose at Time Warner's Warner Bros., Turner and HBO arms, while it was flat at the company's Time Inc. publishing division, which the company reaffirmed it plans to spin off by the end of the second quarter.

OFFSETS: The revenue gains were offset by investments in programing and other costs. Adjusted operating income fell at both Turner and HBO, while rising at Warner Bros.

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