The home of Michigan J. Frog -- that kooky, sings-only-when-he-wants-to dancing amphibian mascot of the WB netlet -- has published results for the first quarter.
One of the biggest issues that can plague a big media conglomerate -- Disney
A standout segment is filmed entertainment. We all know about the Lord of the Rings: The Return of The King cornucopia. How about the continued syndication success of Seinfeld (that certainly isn't about nothing)? Or DVD releases such as Freddy vs. Jason and The Texas Chainsaw Massacre remake (can't wait for all three villains to get in the ring someday).
Operating income rose 92% for filmed entertainment, but the movie and television business is as cutthroat as any of the cast members on The Apprentice -- Disney, Fox
Of course, you can't talk about Time Warner without mentioning the America Online service. The division continues to plague results, and it's having a hard time competing with the likes of EarthLink
The AOL service operating in Europe saw a gain of 38,000 users. Many fantasies have been floated on Wall Street concerning the ditching of the unit; fair enough, considering that the merger hasn't exactly lived up to the ecstatic hype surrounding the concept's inception. Nevertheless, if true synergies could be exploited within the vertical structure of this huge concern, extraction of value might still be feasible. The recent AOL/Road Runner initiative is an example of such considerations.
With summer bringing a new spell from Harry Potter for the multiplexes and a mindset towards debt reduction and careful business management, the frog may have something to sing about after all. Time Warner justifies a serious appraisal by any investor.
David Gardner certainly considered Time Warner a good investment opportunity when he recommended it to Motley Fool Stock Advisor subscribers back in the August 2002 issue. To check out the rest of David's lineup, sign up for six months, risk-free.
Fool contributor Steven Mallas owns shares of Disney.
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