Media giant Time Warner (NYSE:TWX) reported Q2 earnings on Aug. 1.

  • For the quarter, Time Warner's cable division -- publicly traded as Time Warner Cable (NYSE:TWC) -- was the star with a 59.2% leap in sales.
  • If cable was the winner, then Time Warner's AOL counterpart was the clear loser. AOL's revenue dropped by 38.1% thanks to a decline in subscribers. For some time now, AOL has been trying to change its image from subscriptions to advertising.
  • Looking forward, Time Warner stands by its 2007 guidance and wants to repurchase $5 billion in stock.
  • During the quarter, Time Warner finished swapping assets with Liberty Media (NASDAQ:LINTA). Time Warner received 68.5 million shares in exchange for $960 million in cash and, among other things, the Atlanta Braves.

(Figures in millions, except per-share and CAPS data)

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Foolish research associate Katrina Chan does not own shares in any of the companies mentioned. The Motley Fool has a disclosure policy worth reading about.