Time Warner Inc., the owner of HBO and The Warner Bros film studio, increases a share repurchase program to $5 billion which is the most buyback since 2007 and also increase the dividend by 10% to $1.27 a year. Time Warner's stock rise almost 2%. Time Warner reported forth quarter earning at $1.17 a share which beat the estimated at $1.15 a share. The revenue also increase 5% to $8.6 billion.Right now Jeffrey Bewkes, Time Warner CEO, is focusing on cable content growth which account 70% pf the operating income. The company had spunoff AOL Inc. and Time Warner Cable Inc. and plan to spinoff Time Inc., the magazine publisher that subscription revenue down over 6%. Time Inc. has a worst performance division. Time Warner Inc. is also planning to merge Meredith Corp., Ladies' Home journal.I think Time Warner is going in the right direction to buyback stock and the spinoff will help Time Warner increase its performance.