Time Warner Inc. Announces Redemption Of All Remaining 5.875% Notes Due 2016

July 31, 2015

NEW YORK – Time Warner Inc. (NYSE: TWX) today announced that it intends to redeem $312,908,000 of its 5.875% Notes due 2016 (the “Notes”), representing all remaining Notes outstanding after the expiration on June 3, 2015 of the previously announced tender offer for the Notes.  The redemption will be made in accordance with the terms of the indenture governing the Notes and the terms of the notice of redemption.

Time Warner expects the Notes to be redeemed on August 31, 2015 (the “Redemption Date”) at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of their principal amount and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date), discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus 30 basis points, plus, in either case, accrued and unpaid interest to, but not including, the Redemption Date.  The treasury rate will be determined in accordance with the terms of the Notes prior to the Redemption Date.

A notice of redemption is being mailed to all registered holders of the Notes.  Copies of the notice of redemption may be obtained from The Bank of New York Mellon by calling 1-800-254-2826.

This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities.

About Time Warner Inc.
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.

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 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.