Dick Parsons
Dick Parsons
adjusted again company comparable income increased metric operating percent pleased posted report results rose roughly strong track using
I'm pleased to report that our company once again posted strong results for the quarter. Revenues rose 4 percent and Adjusted Operating Income before Depreciation & Amortization (in short, OIBDA, the new metric that we are using to track profitability, which is roughly comparable to EBITDA) increased 11 percent.
company strong
In short, our company is strong and getting stronger.
critical digital entertainment group involving jeff leadership networks overseeing providing recent
As Group chairman, Jeff contributed to our recent achievements by overseeing record-breaking performances at our filmed entertainment and networks businesses, and providing critical leadership for cross-company initiatives involving the digital distribution of content.
five physical structure
it will become the most significant physical structure and place in the world five years from now.
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This agreement is key to fulfilling our commitment to realize the potential of AOL's very large online audience. As digital technologies continue to drive industries together, the great value and opportunity inherent in Time Warner's structure and array of premier businesses becomes increasingly clear.
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Although MGM is a valuable asset, we have decided to withdraw our bid. Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity.
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This is a terrific transaction that is the right thing to do for both the Time Warner Book Group and our shareholders. With its record-breaking performance in 2005, the Book Group is at the top of its game. To build on this success, however, it needs the scale and other advantages that come from being part of a larger, more global book publisher. This transaction also underscores our commitment to a strategy of managing closely related, industry-leading businesses to maximize shareholder returns. We wish our Time Warner Book Group colleagues continued success and the best of luck at their new home.
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Ted Turner's legendary record as a media pioneer and executive at Turner Broadcasting and Time Warner speaks for itself. He is a visionary leader who has made an extraordinary contribution to this company and, indeed, to the world at large.