Time Warner Inc. : Announces Proposed Debt Offering

Time Warner Inc. (NYSE: TWX) today announced that it has commenced an underwritten public offering of up to $1.0 billion of debt securities split between senior notes due 2022 and senior debentures due 2042. 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 2011.

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. Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the active joint book-running managers. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting Barclays Capital Inc. at 1-888-603-5847, BNP Paribas Securities Corp. at 1-800-854-5674, Citigroup Global Markets Inc. at 1-877-858-5407 and Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322. 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, film and TV entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple 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 and subsequent Quarterly Reports on Form 10-Q. 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.

Time Warner Inc.
Corporate Communications
Keith Cocozza, 212-484-7482
or
Investor Relations
Doug Shapiro, 212-484-8926
or
Michael Kopelman, 212-484-8920

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