Time Warner profits boosted by blockbuster films

US entertainment firm Time Warner saw its profits rise by 11.6% in the second quarter thanks to the release of blockbuster films such as Wonder Woman.

Time Warner saw its net income rise to $1.1bn for the three months ended 30 June, with a strong performance from its Warner Bros film division aiding the rise.

Total revenues for the period rose 5% in comparison with the corresponding quarter of 2016, with the firm saying it expected to meet its forecasts for the remainder of the year.

Wonder Woman took home revenue of $800m in the global box office, while another major kitty is expected from another summer film, Christopher Nolan’s Dunkirk.

Time Warner said that it expects to close a deal to merge with communications giant AT&T before the end of 2017, despite criticism of the deal from several sources on the grounds of competition concerns.

Time Warner CEO and chairman Jeff Bewkes said: "We’re very pleased with our first-half results, which keep us on track to achieve our objectives for the year.

"Our performance is a result of the continued successful execution of our strategic objectives – with the strong Subscription revenue growth at Home Box Office and Turner a great example of this – along with the investments we’re making in our brands and high-quality video content."

Shares in Time Warner was slightly higher by 0.11% as of 15:45 BST, after having gained over 35% in the last year.