Time Warner reported improved quarterly earnings Wednesday with shares lagging from estimates.

After 21st Century Fox declined the US$80 million merger, Time Warner profited US$850 million and adjusted its shares to 98 cents for the second quarter, exceeding analysts' projections of 84 cents. The company's quarterly revenue was US$6.79 billion, missing the US$6.87 billion mark by the experts.

Like Us on Facebook

However, the shareholders are still pressing the company for rebuking 21st Century Fox's bid.

With the initial bid announcement, Time Warner had a staggering US$85 per share. Their stocks also plummeted because investors thought the merger would be concluded this week.

Unfortunately, Time Warner took a fall down hours after Rupert Murdoch announced that they are withdrawing their US$80 billion merger offer. Time Warner's stocks declined 12 percent and reached a US$75 per share value after trading hours.

The incident placed added pressure on Time Warner CEO Jeff Bewkes to prove that the company can do better even without Fox's alliance.

In a meeting with the investors, Bewkes outlined his plans for the future of the company and emphasized that Time Warner has the greatest return on investment for their shareholders compared to the other media companies. He, however, refused to comment on the Murdoch offer.

Bewkes said the quarter's strong performance just proves the stability of their strategy. He also said the management appreciates the continued support from the shareholders.

Bewkes boasts of HBO's outstanding performance as the highlight of the company. The premium cable channel profited US$1.4 billion for the quarter, attributing the "Game of Thrones" success as a large part of the network's growth.

So far, the CEO's arguments have not convinced most of the company's investors since Time Warner's shares only performed at about US$75.20 at 11:30 a.m. EST on Thursday. 

Tagstime warner