Time Warner Begins 2017 With a Bang; AT&T Merger Remains Focus
Time Warner started 2017 on a strong note as first-quarter results came in ahead of expectations. Total revenue improved 6% to $7.7 billion, ahead of our $7.6 billion estimate, and adjusted operating income grew 4% to $2.2 billion, above our $2.0 billion projection. Management continues to expect the merger with AT&T to close by the end of the year, but we remain skeptical on timing, given the number of other priorities for the Trump administration. We are maintaining our wide moat rating an...Time Warner is a media and entertainment company. The company classifies its businesses into three reportable segments: Turner, consisting principally of cable networks and digital media properties operating more than 175 channels globally; Home Box Office, consisting premium pay television and OTT services domestically and premium pay, basic tier television and OTT services internationally, as well as home entertainment and content licensing; and Warner Bros., consisting principally of television, feature film, home video and videogame production and distribution. The company also holds interests in companies that operate broadcast networks.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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