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Time Warner 3Q earnings up

Time Warner says its third-quarter earnings grew two per cent, as a strong performance in its cable television channels offset declines in the Warner Bros. movie business following the final Harry Potter movie last summer.

Net income was $US838 million ($A808 million), or 86 cents per share, higher than the 82 cents expected by analysts surveyed by FactSet.

That compares with $822 million, or 78 cents a share, a year ago.

Revenue fell 3 per cent to $6.84 billion, short of the $6.89 billion expected.

Television networks such as HBO and TBS saw seven per cent growth in the fees paid by cable and satellite distributors to carry the channels.

The company said last month's extension of rights to carry Major League Baseball games will help it command higher fees as existing deals expire.

Time Warner said the success of The Big Bang Theory reruns on TBS is helping to lift the channel's entire schedule, as the network can promote new shows during commercial breaks.