Time Warner Profit Takes a 34% Dive in Second Quarter; Ad Slump, Slow DVD Sales Blamed AP

Time Warner Inc.’s second-quarter profit shrank 34 percent due to revenue declines in its publishing, movie and online properties, which were affected by the ad slump and slow DVD sales, the Associated Press reports.

Time Warner, owner of Warner Bros., the HBO and Turner cable networks, Time Inc. magazines and the AOL, reported earnings of $519 million, or 43 cents per share, in the three months ended in June, down from $792 million, or 66 cents per share, a year earlier, the AP said.

--Tom Gilbert