Warner Communications, the entertainment and communications giant, posted a fourth-quarter profit of $111.2 million in contrast with a loss a year earlier.
Warner also reported that it earned $195.3 million for the full year, compared to a net loss in 1984, and said its film and record divisions turned in their best years ever. The fourth-quarter profit included an after-tax gain of $86 million resulting from the sale of its interest in two cable-television channels.
Warner sold its interest in Showtime-The Movie Channel during the fourth quarter.
In addition, Warner's results reflected its equity interest in the gain that the cable company Warner Amex realized on the sale of its interests in MTV Networks Inc. and in Showtime. Warner owns half of Warner Amex but has agreed to purchase the rest of it in a deal that should close shortly.
A year ago, Warner reported a fourth-quarter net loss of $203.7 million that included a $225-million loss from discontinued operations.
Revenue for the quarter rose 20.4% to $644 million from $535.4 million a year earlier.
For the year, Warner's profit included an after-tax gain of $94.2 million on the sale of the interests in Showtime and MTV, as well as the sale of a portion of its interest in Hasbro Inc.