Time Warner posted its second-quarter earnings today, showing a 34% decline in profit. The entertainment conglomerate owns the Warner Bros. movie studio, HBO and Turner cable networks, Time Inc. magazines and the AOL Internet portal which is to be spun off by the end of the year.

The company reported a second-quarter earnings of $519 million ($.43 per share), which is down from $792 million ($.66 per share) a year ago. Excluding items, Time Warner was anticipating $.45 per share in the most recent quarter, and analysts expected a drop as far as $.37 per share. Revenue fell 9% to $6.81 billion, a tad less than the forecasted $6.97 billion.

The networks segment of Time Warner fared the best with sales growing 5% to $3 billion. Its filmed entertainment sank 9% to 2.3 billion as DVD sales slowed. The publishing unit saw a 26% decline in revenue, and AOL in specific dropped 24% to $804 million.