Time Warner profits decline

Time Warner Inc, the world's largest media company, said third-quarter profit fell 1.7 percent and lowered its full-year profit forecast on costs to restructure.

Net income fell to $1.07 billion from $1.09 billion a year earlier, New York-based Time Warner said yesterday in a statement distributed by Business Wire.

Excluding some items, profit of 31 cents a share beat the 27-cent average of 18 analysts' estimates compiled by Bloomberg.