TW earnings

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Time Warner and Time Warner Entertainment Co. reported combined earnings before interest, taxes, depreciation and amortization were $899 million, up 32%, on revenues of $4.555 billion, up 17%, for the first quarter of 1996. Warner Bros., HBO and Time Warner Cable all posted records for the quarter, the company said. Separately, Time Warner announced it would purchase up to 15 million shares of its common stock to offset the effects of future exercise of existing stock options. The buy-back program will be supported by a $750 million revolving credit facility via Chase Securities.

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