Unforgivable curses

What is Harry Potter worth to Time Warner? The Order of the Phoenix smashed records in its first five days on the big screen. Yet Time Warner’s stock isn’t levitating. The volatility of movie revenues, and opacity of studio profit margins, may be the culprits. Since the film’s strong opening last week, Time Warner’s stock has lagged its peers in the Bloomberg US media index. Even after Warner Brothers said it took in a healthy $330m worldwide in its first five days - and 9% more in the US than ...