'Poseidon' and 'Superman' Clobber Time Warner

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The sinking of Poseidon and the cost of trying to make sure that Superman Returns would fly hit Time Warner's filmed entertainment unit hard in the second quarter, the company's SEC filing indicated Wednesday. Filmed entertainment, which includes Time Warner's movie, home video and TV businesses, saw a 10 percent decline to $2.4 billion from $2.6 billion during the same quarter a year ago. Nevertheless, in a conference call with investors, Time Warner executives pointed out that its problems mirrored the industry and that it remained the No. 1 DVD seller despite taking a big hit in DVD sales. Lower income in filmed entertainment, however, was offset by a huge boost at Time Warner Cable which saw a 15-percent increase to $2.7 billion.

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