Time Warner Inc. Declares Dividend

The Board of Directors of Time Warner Inc. today declared a regular quarterly cash dividend of $.09 per common share, payable on September 15, 1998, to shareholders of record on September 1, 1998.

The Board also declared a regular quarterly dividend on each outstanding share of its Series M Exchangeable Preferred Stock, consisting of $25.625 per share, payable in cash on September 30, 1998, to shareholders of record on September 10, 1998.

Time Warner Inc. (NYSE: TWX), the world's leading media company, consists of four businesses: cable networks, publishing, entertainment and cable.

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