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Time Warner, in perhaps its final financial report before merging with America Online, reported stronger-than-expected third-quarter operating earnings, up 12% to $1.27 billion before interest, taxes and amortization. The news did not calm investor worries about the impact of a possible slowdown in advertising growth, however. At $69.91, the stock closed up 3.63% for the day on Friday on word Time Warner would buy Times Mirror Magazines from Tribune Co. for $475 million but finished the week off 10.37%.
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