However, its profits were higher than expected, climbing 21%, helped by strong ad sales at its cable networks such as CNN and the success of summer blockbuster 'Batman: The Dark Knight'.
Net income fell to $1.07bn (£672m) in the third quarter from $1.09bn in the same period last year.
Shares in Time Warner fell 1.4% to $10.01 in after-market trading on the New York Stock Exchange yesterday.
Jeff Bewkes, Time Warner's chief executive, said: "The quarter's solid earnings and superior free cash flow show the resilience of our businesses -- in spite of the challenging economic environment."
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