Media giant Time Warner on Wednesday posted 10 per cent net income growth for the first quarter ended on March 31, 2010 on back of encouraging advertising revenue growth.

The company registered a profit of $725 million, or 62 cents a share for the fiscal first quarter as compared to $660 million, 55 cents per share posted for the same period in the previous fiscal. The result was better than market expectations of 48 cents per share.

Revenue of the company rose five per cent on year-over-year basis to $6.32 billion from $6 billion booked in the year-ago period.

Meanwhile, the company revised its outlook upward for the full year. The company sounded confident as its statement said that earnings should rise at least in the mid-teens on a percentage basis as compared to the previous year.

Earlier, the company had joined hands with CBS Corp. to grab the rights of the NCAA "March Madness" college basketball tournament till 2024. The rights cost them nearly $10.8 billion.

However, CEO of the company Jeffrey Bewkes called the deal a game changer for the company's Turner networks, which would telecast a lion's share of the program.