The prolonged global advertising drought hurt Time Warner in the second quarter as steep double-digit declines in online and magazine publishing sales sent the media group’s net profit down 8 per cent.

But the one-time largest media company, now pruning its portfolio to focus on creating television, movies and print content, appeared better positioned than some rivals in weathering the storm. Viacom this week reported losing a third of its profits in the last quarter, while News Corp expects to report a significant loss in operating profit over its fiscal year ending June.