Time Warner Announces Successful Completion of Bondholder Consent Solicitation

Time Warner Inc. (NYSE:TWX) today announced that it has successfully completed its consent solicitation to amend the indentures governing $12.3 billion outstanding principal amount of debt securities of Time Warner and certain of its subsidiaries set out in the attached schedule (the “Debt Securities”).

Time Warner solicited consents from security holders of record as of April 2, 2009, to amend the covenant in each of the specified indentures that imposed certain restrictions on the conveyance or transfer by AOL LLC of its properties and assets.

Each bondholder who validly delivered, and did not revoke, its consent before the consent solicitation expired will receive a payment of $5.00 for each $1,000 principal amount of Debt Securities.

The consent solicitation expired at 5:00 p.m., New York City time, on April 15, 2009. Banc of America Securities LLC, Citi and Deutsche Bank Securities acted as Solicitation Agents for the consent solicitation. D.F. King & Co., Inc. acted as the Information and Tabulation Agent.

About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in filmed entertainment, television networks, publishing and interactive services, uses its industry leading operating scale and brands to create, package and deliver high quality content worldwide through multiple distribution platforms.

Contact Info:
Time Warner Inc.
Corporate Communications
Edward Adler
(212) 484-6630

Keith Cocozza
(212) 484-7482

Time Warner Inc.
Investor Relations
Doug Shapiro
(212) 484-8926

Michael Kopelman
(212) 484-8920