Time Magazine 2011 Annual Report Download - page 11

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The words and images on the preceding pages capture the spirit of
Time Warner. Our tradition of great storytelling has been coupled with
an equally impressive history of innovation since the 1920s, when the
Warner brothers made the fi rst talking picture, The Jazz Singer, and
Henry Luce and Briton Hadden invented the newsweekly by launching
TIME. They were groundbreaking new forms of popular media – forever
changing the stories we told and the ways we told them.
Television, of course, would later become the defi ning medium of
the 20th – and now 21st – century. And today we stand alone among the
preeminent television companies in the world, thanks to Warner Bros.’
leading TV studio, Turner Broadcasting’s powerful and diverse array of
networks, and the groundbreaking programming that has made HBO
not just a leader in the industry but a pioneer in stretching the limits
of how television can affect people’s lives.
But even as our businesses have changed, and continue to change,
these themes remain constant: First, we cultivate an unparalleled passion
for storytelling. And, second, we embrace innovation in all its forms.
Over the last few years, we’ve accomplished a lot. Three years ago,
we put in place a strategy to become the premier global content company
while simultaneously improving our returns. Since then, our businesses
have remained leaders in their respective industries, and in many cases
we’ve gained share. At the same time, we’ve led the digital transition of
the industries in which we operate. We’ve added $3.6 billion in annual
revenues since 2009, growing even faster internationally than we did
in the United States; we’ve more than doubled our adjusted earnings
per share (EPS) over the past three years as we grew adjusted operating
income at a 12% compounded annual growth rate; and we’ve generated
$8 billion in free cash fl ow, which enabled us to raise our dividend three
times and buy back more than 20% of our outstanding stock.
Last year was another example of strong performance. In 2011, we
increased revenues 8% (our highest growth rate since 2003), adjusted
operating income by 9%, and adjusted EPS by 20%.
We’ve executed this strategy by orienting the company around
a few key priorities, built on our fi rm belief that the value of what we
produce – our television networks and shows, fi lms, and magazines
– will increase as distribution opportunities grow through technological
developments and geographic expansion.
A Message from the Chairman and CEO
2011 Annual Report 9