Time Warner, Viacom post upbeat results

Time Warner Cable boosted its first quarter profit by 30 percent by adding more Internet, phone and digital cable TV customers at the same time that it was following an industry trend and losing 42,000 basic video customers, the company reported.

TWC said it earned $214 million (60 cents a share) in the quarter compared to $164 million during the same quarter last year on revenue that rose 5 percent to $4.6 billion.

On the programming side of the coin, ratings and advertising were up for Viacom's TV channels in the first quarter and earnings were up 38 percent to $245 million (40 cents per share) compared to $177 million during the same period last year.

The cable TV channels' success helped offset declining revenue from Viacom's Paramount Pictures movie studio, the media conglomerate said.

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