The worldwide box office gross for “Harry Potter and the Order of the Phoenix,” the fifth film based on J.K. Rowling’s book about the British boy wizard, have reached $700 million, media company Time Warner Inc. said on Wednesday.

“We’re looking for a very big year for Warner and New Line,” Time Warner Chief Executive Richard Parsons said of the company’s two film studios. The Harry Potter film was released by Warner Bros.

Parsons also said he expects film division results in the second half will rise “strongly” from a year before.