Time Magazine 2010 Annual Report Download - page 7
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A Message from the Chairman and CEO
For Time Warner, 2010 was a watershed year that showcased our ability to
deliver strong nancial performance while entertaining and informing the
world through our television networks, lmed entertainment and journalism.
Jeff Bewkes
Chairman and CEO
A few years ago, we embarked on a multi-year plan
to become the premier global content company and
improve our returns. As part of that plan, last year we
extended the industry leadership of all of our content
businesses, and we made substantial investments
to bolster their long-term competitive position and
growth prole. At the same time, we posted our high-
est revenue growth in years, achieved 17% adjusted
operating income growth, and increased adjusted
earnings per share by over 30%. And through a com-
bination of share repurchases and higher dividends,
we returned $3 billion to our shareholders, representing
more than 100% of our free cash ow. These results
are a testament to the strength of our valuable brands
at Turner Broadcasting, HBO, Warner Bros. and
Time Inc. and, ultimately, the extraordinary work of
our employees and creative partners.
They also reect our continued progress on four key
strategic objectives: rst, to build on our competitive
advantages in making, acquiring and distributing great
content; second, to develop new models that harness
technology to improve the consumer experience and
our economics; third, to expand the presence of our
brands and content internationally in key territories;
and fourth, to achieve all of this while improving both
our operating and capital efciency.
Today, Time Warner is principally a television company,
with networks representing more than two-thirds of our
prots. If we take into account the contribution from
our TV production business, an even larger proportion
of prots is derived from television. This is a great
position to be in. In all respects – creatively, nancially,
and in terms of viewership trends – television is truly