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Carriage Fees, Advertising Top Drivers for Time Warner

Time Warner Inc. chief financial officer John Martin told an investor conference Wednesday that affiliate fees, advertising opportunities, and international cable networks will be the top drivers of cash flow for the foreseeable future.

Speaking at the Morgan Stanley Technology, Media & Telecom conference in San Francisco, Martin said affiliate fees are expected to grow in the high single digits at its networks, which include TNT, TBS and Cartoon Network. Time Warner has been able to drive operating margin at its networks consistently over the past five years. And though 2011 may be a bit of an anomaly - it will have higher costs in the first year of its NCAA Men's Basketball Tournament deal with CBS - Martin still expects the networks to grow.

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