Liberty Media Acquires Atlanta Braves Baseball Club

Time Warner Receives 68.5 Million Shares of Its Stock From Liberty, Essentially Completes $20 Billion Stock Repurchase Program

ENGLEWOOD, CO and NEW YORK, NY – Liberty Media Corporation (Nasdaq: LINTA, LCAPA) (“Liberty”) and Time Warner Inc. (NYSE: TWX) announced today that they completed a transaction, in which Liberty exchanged approximately 68.5 million shares of Time Warner common stock, subject to a working capital adjustment, for a newly created subsidiary of Time Warner which holds the Atlanta Braves, Time Inc.’s Leisure Arts, Inc. and $960 million of cash.

Major League Baseball has approved the transaction. The assets held by the acquired subsidiary will be attributed to the Liberty Capital Group. Time Warner’s acquisition of its stock from Liberty essentially completes Time Warner’s previously announced $20 billion stock repurchase program. Liberty has retained approximately 103 million shares, or about 2.8% of Time Warner common stock.

“We are pleased with the successful conversion of these Time Warner shares as this transaction enhances our financial and strategic flexibility,” Liberty Chairman John Malone said. “We are pleased with the value created for our shareholders from our ownership of Turner Broadcasting and Time Warner.”

“Liberty Media is delighted to join with the Atlanta Braves Baseball Club and their fan base and looks forward to the team excelling as they have for the past fifteen years,” said Liberty President and CEO Greg Maffei. “This transaction represents another significant step in our transition to a focused operating company.”

Time Warner Chairman and CEO Dick Parsons said: “This transaction marks an important advance in our commitment to deliver greater value to our shareholders. It not only helps to streamline our portfolio of assets as we focus on our core businesses, but also enables us to effectively complete our $20 billion share repurchase program. With our thanks, we wish the people of the Atlanta Braves and Leisure Arts the best in the future.”

Phil Kent, Chairman and CEO, Turner Broadcasting System, Inc., said: “Our Atlanta Braves colleagues have our sincere appreciation for their tremendous contributions to our company, to Major League Baseball and to the entire Atlanta community. We especially salute Terry McGuirk, the Atlanta Braves Chairman and President who once headed Turner Broadcasting, for his many years of service to our company. We will remain the Braves’ biggest fans and great believers in the organization’s continued success.”

Atlanta Braves Chairman and CEO Terry McGuirk said, “We’re excited to move forward with Liberty’s ownership and continue to bring our fans more championship-caliber baseball and experiences at Turner Field in the years ahead.”