Time Warner Inc. Announces Proposed Debt Offering

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					Time Warner Inc. Announces Proposed Debt
Offering
March 29, 2011 09:31 AM Eastern Daylight Time 

NEW YORK--(EON: Enhanced Online News)--Time Warner Inc. (NYSE: TWX) today announced that it has
commenced an underwritten public offering of a benchmark size of senior notes due 2021 and debentures due 2041.
The net proceeds from the issuance of the notes and debentures will be used 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 guarantee structure for the notes and debentures will be the same as the structure for the notes and
debentures Time Warner issued in 2010.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and
Exchange Commission (“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. BNP Paribas
Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. and Wells Fargo
Securities, LLC are the active joint book-running managers. Copies of the preliminary prospectus supplement and
accompanying prospectus may be obtained by contacting BNP Paribas Securities Corp. at 1-800-854-5674,
Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322, RBS Securities Inc. at 1-866-884-2071
and Wells Fargo Securities, LLC at 1-800-326-5897. 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 contains 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 Time Warner’s businesses. 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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Description: NEW YORK--(EON: Enhanced Online News)--Time Warner Inc. (NYSE: TWX) today announced that it has commenced an underwritten public offering of a benchmark size of senior notes due 2021 and debentures due 2041. The net proceeds from the issuance of the notes and debentures will be used 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 obl a style='f
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