The Morning Fix: Time Warner has strong quarter. Bullock is only non-blonde among most-paid actresses. Emmys snub reality hosts.
Time Warner rides cable to strong quarter. Time Warner reported its second-quarter results early Wednesday morning and as usual, the Turner cable channels were the company's main driver. The company reported a profit of $562 million, up 7% from the same quarter a year ago. Revenue was up 7.7% to $6.38 billion. Early details from Bloomberg and the Wall Street Journal.
CBS talks tough. On Tuesday, CBS reported its second-quarter earnings, which included a profit of $150 million on revenue of $1.67 billion. CBS Chief Executive Leslie Moonves, still riding high from wrapping up a 10-year distribution deal for the company's content with cable giant Comcast Corp., once again said the network's own affiliates will also be ponying up money for its content. As for what the company plans for its growing cash reserve, Moonves hinted at a stock buyback or boosting the dividend, but not necessarily a big deal. More from the Los Angeles Times, the Wall Street Journal and Radio Business Report, which looks at whether CBS will unload some radio stations.
Hope her divorce lawyers don't read this. Forbes has issued its list of best-paid actresses and, no surprise, Sandra Bullock tops the list. Not saying there is a trend here, but Bullock was the only brunette among the top five stars. Following her were Reese Witherspoon, Cameron Diaz, Jennifer Aniston and Sarah Jessica Parker.
Rupert Murdoch doesn't want to be taken out to the ballgame. Although its own newspaper -- the New York Post -- reported that the media conglomerate was interested in the Texas Rangers, the company has gone on the record to say it wouldn't make a bid on the baseball team. Fox Sports said Tuesday it was not going to get involved in the auction. Los Angeles residents may recall News Corp.'s less-than-perfect run as owners of the Dodgers.
Oprah doesn't come cheap. Discovery Communications has spent $75 million launching the Oprah Winfrey Network, the cable channel that will likely debut in January. In its earnings call Tuesday, Discovery said it had committed to investing $100 million in the channel, but that figure may grow. More on OWN from the New York Post.
Oh, never mind. After lots of reports that Kohlberg Kravis Roberts & Co. was getting ready to invest a couple hundred million into Creative Artists Agency, the sizzle seems to have fizzled. Deadline Hollywood says KKR is backing off the idea of investment. Meanwhile, the initial public offering from Mark Gill and Neil Sacker's Film Department has once again hit a bump. Variety reports that the production company has reduced the price for its IPO to about $6 per share.
One year your hosting the Emmys, then you can't even get an award on the telecast. The Academy of Television Arts and Sciences has decided to banish reality TV show hosts to the Creative Emmy awards, which are not televised. Jeff Probst, the host of CBS' "Survivor," is ticked off, and why not? Just a few years ago he was a host of the Emmys. Probst sounds off to the Hollywood Reporter on the snub.
Inside the Los Angeles Times: "American Idol" is still trying to seal deals with Jennifer Lopez and Steven Tyler; the show has settled on Universal Music Group as its new label partner. Los Angeles is the new New York, at least as far as television drama is concerned.
-- Joe Flint
It's Wednesday and August. What else do you have to do but follow me on Twitter: Twitter.com/JBFlint