Time Warner's Q2 income up 14% on HBO, Turner, Warner Bros.

Time Warner's second quarter net income rose 14% to $971 million as all major business lines, including Turner and HBO, reported revenue gains.

Adjusted earnings per share of $1.25 beat analysts' estimate of $1.03.

Revenues climbed 8% to $7.3 billion.

"Our results were led by Turner and Warner Bros., and were achieved at a time when we’re investing aggressively to position the company for continued growth," said CEO Jeff Bewkes in a statement.

The New York-based media giant also reaffirmed its 2015 business outlook, estimating its full-year adjusted diluted income per common share from continuing operations to be in the range of $4.60 to $4.70.

Shares of Time Warner fell 3% to $85.01 in pre-market trading.

Turner, the cable network unit that operates TBS and TNT, reported a 3% revenue gain to $2.8 billion. Content revenue rose 48% due to the licensing of some Turner original programming to Hulu. Advertising sales declined 1%. TNT ranked as the top "ad-supported cable network in primetime" among total viewers, it said.

Revenue for Warner Bros, the company's film unit, rose 15% to $3.3 billion, driven by higher licensing revenues for video games and syndication of The Big Bang Theory and Seinfeld. But theatrical revenues fell due to lower TV licensing revenues of movies and a revenue jump reported a year ago after the unit released The Hobbit: The Desolation of Smaug.

HBO's revenues increased 1% to $1.4 billion as more subscribers signed up for the popular premium cable channel. Operating Income fell 8% as costs for marketing and technology related to its streaming service were higher.