NEW YORK – Time Warner Inc. (NYSE:TWX) today announced that its Board of Directors has approved management’s recommendation to start paying a regular quarterly cash dividend of $0.05 per share on its Common Stock, beginning in the third quarter of this year.

Dick Parsons, Time Warner’s Chairman and Chief Executive Officer, said: “In keeping with our commitment to build and deliver value to our investors, we’re pleased that our Board of Directors has agreed that the company’s strong balance sheet, robust free cash flow generation and excellent growth prospects support our decision to pay a dividend to Time Warner stockholders. At the same time, we'll continue to have the financial flexibility to invest in organic growth and high-return, high-growth strategic opportunities, as well as explore other ways to reward our investors. Today’s announcement underscores the progress of our company over the past several years and our confidence in Time Warner’s future success.”

The first dividend is expected to be paid in September, with the record and payment dates to be announced this summer.

About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

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 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 Quarterly Report on Form 10-Q. Time Warner is under no obligation to, 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.