Time Warner, the media giant that owns Warner Bros., HBO, CNN and DC Comics says its third-quarter net income declined, but its adjusted earnings surpassed Wall Street's expectations thanks to growing subscription and ad revenue in its networks business.

Film revenues were flat even with the release of the blockbuster "Inception," but that is compared with the previous year when the latest Harry Potter film was released.

Time Warner Inc. said Wednesday its net income was $522 million, or 46 cents per share, down 21 percent from $662 million, or 56 cents per share, a year earlier.

Excluding one-time items, earnings were 62 cents per share, surpassing analysts' estimates of 53 cents.

Time Warner says overall revenue climbed 2 percent to $6.38 billion.