Caution Concerning Forward Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. The information on this website contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance.

The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company's actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors:

  • the occurrence of any event, change or other circumstances that could result in the termination of the Agreement and Plan of Merger, dated as of October 22, 2016, with AT&T Inc., West Merger Sub, Inc. and West Merger Sub II, LLC (the “Merger Agreement”);
  • the outcome and timing of resolution of the lawsuit filed on November 20, 2017 by the United States Department of Justice under a federal antitrust statute to enjoin the merger (the "DOJ lawsuit");
  • the risk that the necessary regulatory approvals for the proposed merger may not be obtained or may be obtained subject to conditions that are not anticipated;
  • any litigation other than the DOJ lawsuit in connection with the merger;
  • risks that one or more of the closing conditions to the merger may not be satisfied in a timely manner;
  • risks related to disruption of management time from ongoing business operations due to the merger;
  • delay in realizing or failure to realize the benefits expected from the merger;
  • the effect of the merger on the ability of Time Warner to retain customers and retain and hire key personnel;
  • the effect of the merger on the ability of Time Warner to maintain relationships with its suppliers;
  • the effect of the merger on Time Warner’s operating results and businesses generally;
  • recent and future changes in technology, services and standards, including alternative methods for the delivery, storage and consumption of digital media and evolving home entertainment formats;
  • changes in consumer behavior, including changes in spending behavior and viewing patterns;
  • changes in the Company's plans, initiatives and strategies, and the acceptance thereof by consumers, affiliates and other third parties with which the Company does business;
  • changes in the plans, initiatives and strategies of the third parties that distribute, license and/or sell Time Warner's content;
  • the popularity of the Company's content;
  • the Company's ability to enter into or renew affiliate agreements on favorable terms;
  • competitive pressures, including as a result of audience fragmentation, changes in technology and consumer viewing patterns and increased competition from OTT services;
  • changes in advertising market conditions or television advertising expenditures due to various factors related to the disruption of the advertising supported television business model, including further shifts in consumer viewing patterns, decreasing numbers of subscribers to multichannel video services provided by traditional affiliates and declining audience ratings for television programming, as well as other factors such as economic conditions, pressure from public interest groups, changes in laws and regulations and other societal or political developments;
  • changes in how the Company sells advertising, including offering data- and analytics-driven advertising products, and advertisers' acceptance thereof;
  • the Company's ability to deal effectively with economic slowdowns or other economic or market difficulties, including impacts on the economies of the United Kingdom and European Economic Area resulting from the United Kingdom's pending exit from the European Union ("Brexit");
  • changes in foreign exchange rates, including as a result of Brexit;
  • increased volatility or decreased liquidity in the capital markets, including any limitation on the Company's ability to access the capital markets for debt securities, refinance its outstanding indebtedness or obtain bank financings on acceptable terms;
  • piracy and the Company's ability to exploit and protect its intellectual property rights in and to its content and other products;
  • the effects of any other significant acquisitions, dispositions and other similar transactions by the Company;
  • a disruption or failure of the Company's or its vendors' network and information systems or other technology relied on by the Company;
  • the failure to meet earnings expectations;
  • lower than expected valuations associated with the cash flows and revenues at Time Warner's reporting units, which could result in Time Warner's inability to realize the value recorded for intangible assets and goodwill at those reporting units;
  • the adequacy of the Company's risk management framework;
  • changes in U.S. GAAP or other applicable accounting standards and policies;
  • changes in tax, federal communication and other laws and regulations;
  • currency exchange restrictions and currency devaluation risks in some foreign countries;
  • the effect of union or labor disputes or professional sports league player lockouts;
  • the impact of terrorist acts, hostilities, natural disasters (including extreme weather) and pandemic viruses; and
  • the other risks and uncertainties detailed in Part I, Item 1A. "Risk Factors," in Time Warner's Annual Report on Form 10-K for the year ended December 31, 2017 and in Time Warner's other filings made from time to time with the SEC (copies of which may be obtained through the Investor Relations portion of this website under "Reports & SEC Filings").

Any forward-looking statement made by the Company speaks only as of the date on which it is made. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

Information for the "Educated" Investor

Although there are no guarantees about the stock market or Time Warner Inc. stock, before you invest in any security, you can help protect yourself by being an educated investor. If you are interested in Time Warner stock, we recommend that, at a minimum, you read the Company's latest proxy statement, annual report and SEC Forms 10-K, 10-Q and 8-K for the past year. It is also advisable to learn more about Time Warner and its industry through a variety of public materials. The Company's recent annual reports, 10-K and 10-Q reports and other materials are accessible through Time Warner's website. Other materials the Company has filed with the SEC are available at: