Earnings reports show that being in or connected with cable is a good idea if you want to make scads of money. Competitive cable provider Knology, which is reportedly making a bid to become both bigger and a more conventional part of the cable industry by acquiring Bresnan Communications, announced first quarter earnings that are up 5.2 percent compared to the same period last year based on what it calls "growth in all three service offerings as well as increases in both residential and business connections."
In addition to better revenue figures, Knology reported that connections grew by 5,815 data connections, 2,317 voice and 1,660 video connections, and residential and business connections were up 8,878 and 914, respectively.
Time Warner (not to be confused with Time Warner Cable) reported the "highest quarterly profit in company history" with net income of $725 million on sales of $6.3 billion. Revenue, the company said, was boosted by television networks including CNN and other Turner programming.
Cable networks are moneymakers. News Corp. saw a 19 percent revenue rise to $1.4 billion for its third quarter and its cable networks were a major operating income contributor, going up to $588 million from $426 million a year ago across a broad range of networks including Fox News Channel, Fox Regional Sports Networks, FX, the Fox International Channels and STAR.
For more:
- see this news release
- and this story
- and this story
Related articles:
Rebranded Comcast 'off to a great start of the year,' says Roberts
Time Warner, Viacom post upbeat results
Broadband, voice growth boosts Cablevision's Q4