More on Time Warner's Q4

Time Warner (TWX) approves a new $5B share repurchase program to replace an old authorization that just expired. The company ended the quarter with $3.5B in free cash flow giving it plenty of firepower for dividend and buybacks.

During Q4, the soon-to-be-spun Time Inc. was a drag on the parent company's results with flat revenue and higher costs.

Programming costs at Turner rose faster than revenue in Q4, but the company expects that trend to reverse.

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