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Time Warner Announces Bondholder Consent Solicitation and Files Registration Statement Offering Guarantee of Home Box Office, Inc.


NEW YORK - Time Warner Inc. (NYSE:TWX) today announced that it has commenced a 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 is soliciting consents from security holders of record as of April 2, 2009, to amend the covenant in each of the specified indentures that imposes certain restrictions on the conveyance or transfer by AOL LLC (“AOL”) of its properties and assets.

Time Warner is offering to pay each bondholder who validly delivers, and does not revoke, its consent before the consent solicitation expires, a payment of $5.00 for each $1,000 principal amount of Debt Securities. Additionally, Time Warner has registered a guarantee by Home Box Office, Inc. (“HBO”) that is being offered in connection with, and according to the terms of, the consent solicitation.

The consent solicitation will expire at 5:00 p.m., New York City time, on April 15, 2009, unless extended. The detailed terms and conditions of the consent solicitation are set forth in a consent solicitation statement and related letter of consent sent to security holders and filed with the Securities and Exchange Commission on April 6, 2009.

Banc of America Securities LLC, Citi and Deutsche Bank Securities will act as Solicitation Agents for the consent solicitation. D.F. King & Co., Inc. will act as the Information and Tabulation Agent.

Requests for documents, including copies of a prospectus for the offering of the HBO guarantee, may be directed to D.F. King & Co., Inc. by telephone at (800) 758-5880 (toll free) or (212) 269-5550 (banks and brokers). Questions regarding the consent solicitation may be directed to Banc of America Securities LLC at (888) 292-0070 (toll free) or (704) 683-3215 (banks and brokers), Citi at (800) 558-3745 (toll free) or Deutsche Bank Securities at (866) 627-0391 or (212) 250-2955 (banks and brokers).

This announcement is for information purposes only and is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The solicitation is being made solely pursuant to the above-described consent solicitation statement dated April 6, 2009 and the related letter of consent.

The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or “blue sky” laws.

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 industryleading operating scale and brands to create, package and deliver highquality content worldwide through multiple distribution platforms.


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