Time Warner Inc. Announces Proposed Debt Offering

							Time Warner Inc. Announces Proposed Debt
Offering
March 03, 2010 09:34 AM Eastern Time  

NEW YORK--(EON: Enhanced Online News)--Time Warner Inc. (NYSE: TWX) today announced that it has
filed a shelf registration statement with the Securities and Exchange Commission (“SEC”) and commenced an
underwritten public offering of a benchmark size of senior notes due 2020 and debentures due 2040. The net
proceeds from the issuance of the notes and debentures will be used to repay, repurchase or redeem existing
indebtedness and for general corporate purposes.

The notes and debentures will be issued by Time Warner and guaranteed by Historic TW Inc. In addition, Home
Box Office, Inc. and Turner Broadcasting System, Inc. will guarantee the obligations of Historic TW Inc. under its
guarantee.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the SEC. Interested
parties should read the prospectus included in such registration statement and the preliminary prospectus supplement
for the offering and other documents that Time Warner has filed with the SEC for more complete information about
Time Warner and the offering.

The offering is being made only by means of a prospectus and a related prospectus supplement. Banc of America
Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co.
Incorporated are the active joint book-running managers. Copies of the preliminary prospectus supplement and
accompanying prospectus may be obtained by contacting Banc of America Securities LLC toll free at (800) 294-
1322, Citigroup Global Markets Inc. toll free at (877) 858-5407, Deutsche Bank Securities Inc. toll free at (800)
503-4611 and Morgan Stanley & Co. Incorporated toll free at (866) 718-1649. An electronic copy of the
preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s
website, www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale
of the notes, debentures and guarantees in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT TIME WARNER INC.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks, filmed 
entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver
high-quality content worldwide throughmultiple distribution outlets.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management’s current expectations or beliefs, and are subject
to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by
the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory
factors and other factors affecting the operation of the businesses of Time Warner Inc. More detailed information
about these factors may be found in filings by Time Warner with the Securities and Exchange Commission, including
its most recent Annual Report on Form 10-K. Time Warner is under no obligation, and expressly disclaims any such
obligation, to update or alter its forward-looking statements, whether as a result of new information, future events, or
otherwise.
Contacts
Time Warner Inc.
Corporate Communications
Keith Cocozza, 212-484-7482
or
Investor Relations
Doug Shapiro, 212-484-8926
Michael Kopelman, 212-484-8920

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