Time Warner Inc. Prices €700 Million Debt Offering

July 21, 2015

NEW YORK - Time Warner Inc. (NYSE: TWX) today announced that it has priced a €700 million underwritten public offering of 1.95% notes due 2023 at a price equal to 99.519% of their face amount.  The net proceeds from the issuance of the notes will be used for general corporate purposes.  The sale of the notes is expected to close on July 28, 2015.

The notes 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 will be the same as the structure for the notes and debentures Time Warner has issued since 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 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 Bank PLC, BNP Paribas, Citigroup Global Markets Limited and Deutsche Bank AG, London Branch are the active joint book-running managers for the offering.  Copies of the prospectus supplement and accompanying prospectus may be obtained by contacting Barclays Bank PLC at 1-888-603-5847, BNP Paribas at 1-800-854-5674, Citigroup Global Markets Limited at 1-800-831-9146 or Deutsche Bank AG, London Branch at synops@list.db.com.  An electronic copy of the 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 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.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis.

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 SEC, 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.