Nora McAniff, John Squires Named Co-Chief Operating Officers of Time Inc.

December 13, 2005, Time Inc. chairman & CEO Ann Moore has appointed Nora McAniff and John Squires co-chief operating officers, the first in the company’s history, it was announced today.

“Nora and John are seasoned and proven operating executives,” said Moore. “Their appointment signifies our company’s commitment to improving the process of producing and selling premier branded content.”

She continued: “This move is part of a larger Time Inc. effort to simplify our management structure, speed decision making and reduce costs. We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches.”

McAniff, 47, previously executive vice president of the Time Inc. Women’s, Entertainment & Luxury Group, will continue to oversee the titles in her existing portfolio and she will also add responsibility for Corporate Sales & Marketing, as well as Time Inc.’s Southern Progress Corporation and IPC Media, the largest magazine publisher in the UK. As co-chief operating officer, she will be the Time Inc. executive most directly responsible for the company’s advertising revenue stream.

This new alignment also brings some management changes at the magazine and department levels. Executives now reporting to McAniff include: David Geithner and Paul Caine – the People Group; Stephanie George – In Style, Real Simple, and Essence; Tom Angelillo – Southern Progress Corporation and The Parenting Group; Sylvia Auton – IPC; Robin Domeniconi – Corporate Sales & Marketing, MNI, TMI and Time Inc. Strategic Communications; Andy Blau – Life and All You; and David Morris – Entertainment Weekly.

Squires, 48, formerly executive vice president of Time Inc.’s Sports and Leisure Group, will continue to have responsibility for his existing titles and Time Inc.’s interactive division. He will also have new responsibility for Time magazine, as well as the Fortune/Money Group, including Fortune, Money, FSB, Business 2.0 and the soon-to-be-launched CNNMONEY.com. He will also return to managing Consumer Marketing, with responsibility for the company’s other revenue stream.

Squires’ direct reports will include: Ned Desmond – Time Inc. Interactive; Ed McCarrick - Time; Mark Ford - Sports Illustrated and Time4Media; Chris Poleway – Fortune/Money Group; and Brian Wolfe - Consumer Marketing and Time Warner Retail Sales & Marketing.

Executive vice president Michael Klingensmith, 52, continues to report to Ann Moore, and will increase his responsibility by adding the Time Warner Book Group, Information Technology and Synapse. Additionally, he will continue to oversee Legal, Strategic Planning, Production, Administrative Services and Grupo Editorial Expansion. Senior vice president Kerry Bessey will continue to run Human Resources. She will continue to report to Ann Moore, as will acting chief financial officer Howard Rosen. Moore, McAniff, Squires, Klingensmith, Bessey and Rosen will form Time Inc.’s Office of the Chairman.

The new structure on the business side of the company will not affect the editorial side. John Huey assumes his position as Time Inc.’s editor-in-chief on January 1, 2006.

McAniff has been with Time Inc. since 1982. In 1993 she was named publisher of People magazine, and in 1998 she became president of the magazine, and later of the larger People Group, including Teen People and People en Espanol. She was named executive vice president in 2002 with responsibility for Time Inc.’s women’s group of magazines, and earlier this year she added Entertainment Weekly and Life to her portfolio. McAniff serves on the boards of Saks Fifth Avenue and the Michael J. Fox Foundation for Parkinson’s Research. A New York native, McAniff is a graduate of Baruch College.

Squires joined Time Inc. in 1989 as assistant circulation director of People. He was consumer marketing director for Entertainment Weekly and Sports Illustrated before he was named senior vice president of consumer marketing for Time Inc. in July 1996. Squires served as president of Entertainment Weekly from 1998 until his appointment as executive vice president in 2002. In his most recent position he oversaw Time Inc.’s Sports and Leisure group, including Sports Illustrated- for which he had direct oversight- and Time4Media, as well as Time Inc. Interactive. Since 2001 he has been a director on the board of the Audit Bureau of Circulations. Squires is a native of Pocatello, Idaho, and a graduate of the University of Washington.

Time Inc. is the world’s leading magazine publisher, with 154 titles that are read more than 300 million times worldwide on a monthly basis and account for nearly a quarter of the total advertising revenues of U.S. consumer magazines.

Time Inc. is a wholly-owned subsidiary of Time Warner Inc., a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

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Dawn Bridges

Time Inc.

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