Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
On June 12, U.S. Judge Richard J. Leon ruled against the attempt by the U.S. Department of Justice, or DOJ, to block AT&T's acquisition of Time Warner for $85 billion. While we thought the government had a decent chance of blocking the merger, we were more surprised that the judge did not impose any conditions in order for the merger to proceed. We also note that the judge urged the DOJ to forego filing a stay against the merger which the government has six days to do. Since Judge Leon forci...
Time Warner posted a mixed first quarter, as top-line results were in line with Street expectations and adjusted operating income was slightly below consensus projections. The trial for the Department of Justice lawsuit over the AT&T/Time Warner merger has been in court since March 22, with closing arguments projected to conclude on April 30. The judge for the case expects to take at least a month and a half to deliver his verdict, putting the current merger deadline of June 21 in danger. Wh...
Time Warner posted a mixed first quarter, as top-line results were in line with Street expectations and adjusted operating income was slightly below consensus projections. The trial for the Department of Justice lawsuit over the AT&T/Time Warner merger has been in court since March 22, with closing arguments projected to conclude on April 30. The judge for the case expects to take at least a month and a half to deliver his verdict, putting the current merger deadline of June 21 in danger. Wh...
Revenues of $8.0bn (+3% YoY) beat cons. of $7.9bn but OI at all units fell short (total -8% vs. cons. -6%). Adjusted EPS ex a $0.49 tax benefit was $1.79, $0.05 ahead of consensus due to lower than anticipated interest. FY18 guidance of HSD operating income growth was reiterated although if the company's acquisition by AT&T succeeds we may never know if it is realistic. The company remains committed to the AT&T deal and we believe there is a good chance the companies will prevail in the current ...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE:TWX) today reaffirmed its 2018 full-year business outlook. The Company continues to expect its 2018 full-year Adjusted Operating Income to increase in the high single-digits, based on current foreign exchange rates. The outlook for 2018 Adjusted Operating Income does not include the impact of any future merger or unplanned restructuring and severance charges, the impact from future sales and acquisitions of operating assets or the impact of taxes on such items. These items ma...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE:TWX) today reported financial results for its first quarter ended March 31, 2018. Chairman and Chief Executive Officer Jeff Bewkes said: “We’re off to a strong start to 2018 and we remain on track to meet the financial goals we laid out at the beginning of the year, as we continue to execute our strategic objectives, including investing in and delivering the most compelling content to audiences around the globe and across platforms. Turner had another successful multiplatform...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE:TWX) will report its first-quarter 2018 results on Thursday, April 26, 2018, before the market opens. The earnings press release will be available on Time Warner’s website. Due to the pending merger with AT&T, Time Warner will not hold a conference call for investors in connection with the issuance of the earnings release. About Time Warner Inc. Time Warner Inc., a global leader in media and entertainment with businesses in television networks and fil...
Time Warner posted a strong fourth quarter as top-line results came in ahead of Street expectations while adjusted operating income was in line with Street projections. Total revenue improved 9% to $8.6 billion (above consensus of $8.4 billion) and adjusted operating income grew 9% to $1.9 billion (matching consensus of $1.9 billion). Management teams at Time Warner and AT&T both intend to fight the Department of Justice lawsuit that would block the merger of the two companies. While the fir...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE: TWX) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.4025 per share of Common Stock, payable in cash on May 1, 2018 to shareholders of record at the close of business on April 10, 2018. Consistent with the Agreement and Plan of Merger between Time Warner Inc. and AT&T Inc. dated as of October 22, 2016, Time Warner has aligned the timing of its quarterly dividend with the timing of AT&T’s dividend. About Time Warner Inc.Ti...
CAMBRIDGE, Mass. & NEW YORK--(BUSINESS WIRE)-- The Harvard Kennedy School announced today the creation of a graduate student fellowship in honor of the late Lisa Garcia Quiroz, a champion of a stronger Latino presence at Harvard for some 30 years. The fellowship is designed for emerging student leaders at HKS with a strong commitment to the Latino community. Its lead donor is Time Warner Inc., where she was until recently its Senior Vice President of Cultural Investments and Chief Diversity Officer. “This fellowship in Lisa's...
Dish Network yesterday disclosed Sling customers for the first time in two years, saying the service was taken by 2.2m subscribers as of the end of 2017. If we triangulate this data point with Fox's comment that it had almost 4m VMVPD subs at the end of Q4 vs. almost 3m at the end of Q3 and assume that 1) July 2017 reports that Sling had 2m subs were accurate and 2) Fox is taken by 60% of Sling subscribers and is carried on all other VMVPDs, then we come out with five key conclusions.
Time Warner posted a strong fourth quarter as top-line results came in ahead of Street expectations while adjusted operating income was in line with Street projections. Total revenue improved 9% to $8.6 billion (above consensus of $8.4 billion) and adjusted operating income grew 9% to $1.9 billion (matching consensus of $1.9 billion). Management teams at Time Warner and AT&T both intend to fight the Department of Justice lawsuit that would block the merger of the two companies. While the fir...
Revenues of $8.6bn (+9% YoY) beat cons. of $8.4bn while OI fell short as film missed (+9% vs. cons. +11%). EPS excluding a gain related to the new tax legislation was $1.60 (cons. $1.44) with all of this beat due to a lower implied tax rate. OI at Turner was ahead while HBO and WB were below. FY18 guidance of HSD operating income growth is ahead of consensus of 5.5% (AE +11%) and appears to reflect strong expected HBO growth. The company remains committed to the AT&T acquisition with the DoJ cou...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE:TWX) today provided its 2018 full-year business outlook. The Company expects its 2018 full-year Adjusted Operating Income to increase in the high single-digits, based on current foreign exchange rates. The outlook for 2018 Adjusted Operating Income does not include the impact of any future merger or unplanned restructuring and severance charges, the impact from future sales and acquisitions of operating assets or the impact of taxes on such items. These items may occur from ...
NEW YORK--(BUSINESS WIRE)-- Time Warner Inc. (NYSE:TWX) today reported financial results for its fourth quarter and full year ended December 31, 2017. Chairman and Chief Executive Officer Jeff Bewkes said: “We had another very successful year in 2017, achieving our financial goals thanks to the great creative and programming excellence across Time Warner. All three of our operating divisions increased revenue and profits while also investing to capitalize on the growing demand for the most creative and compelling content as w...
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