Liberty Media Corporation (NYSE: L) and Time Warner Inc. (NYSE: TWX) today announced that Time Warner has acquired Liberty's half of Courtroom Television Network LLC, the owner of Court TV, for $735 million.

Time Warner now owns Court TV in its entirety. Court TV will operate as part of Turner Broadcasting System Inc., within its entertainment division, under the direction of entertainment group president, Mark Lazarus. Seen in 86 million households, Court TV covers all aspects of the U.S. system of justice and is the leading producer of original programming in the crime and justice genre as well as other content, which appear on its network and popular Web sites as well as, increasingly, new distribution platforms.

Time Warner Chairman and CEO Dick Parsons said: "Acquiring all of Court TV represents a strategic investment in one of Time Warner's most successful lines of business – our news and entertainment cable networks. We're confident that Court TV will continue its top-notch performance and become an important contributor to our growth. We look forward to working with our friends at Liberty Media in the future."

Liberty Chairman John C. Malone said: "We have enjoyed our long association with Court TV and its exceptional management team. The business has created tremendous value for our shareholders. We wish Henry Schleiff and his team well and have no doubt Court TV will continue its strong track record of success and value creation for Time Warner's shareholders."

Henry Schleiff, who served as Court TV's chairman and CEO, will be the network's non-executive chairman for the next six months, focused on Court TV's transition to Turner and the network's public service initiatives.

Liberty President and CEO Gregory B. Maffei said: "We've enjoyed building Court TV with Henry and Time Warner, and we'll welcome the opportunity to work together again. Liberty is pleased with the value created for our shareholders by this business and transaction."

Time Warner President and COO Jeff Bewkes said: "Let me express our appreciation to Henry Schleiff for his keen vision and inspired leadership at Court TV. Court TV has made outstanding progress in its programming, marketing and distribution operations. Turner's presence and relationships will help us further strengthen Court TV's competitive position."

Phil Kent, Chairman and CEO, Turner Broadcasting System, said: "Court TV's established brand, programming franchises and robust new media extensions complement our successful branded entertainment and news networks and businesses. This integration into Turner will ensure Court TV's future growth and success, as well as make our portfolio stronger."

About Court TV
Court TV® provides a window on the American system of justice through distinctive programming that both informs and entertains. Court TV NetworksSM is comprised of Court TV NewsSM, which provides live trial coverage in daytime; and Court TV: Seriously EntertainingSM in primetime, featuring investigative drama, expert reality and relevant non-fiction series. Court TV is seen in 86 million homes. Court TV operates three distinct Web sites: CourtTV.com provides network information, news and features on trials, video archives, chats, the Court TV store and bookstore, plus a special section on educational resources and public affairs. The phenomenally popular Web site TheSmokingGun.com offers an irreverent look at the law, justice and celebrities. CrimeLibrary.com is a vast collection of fiction and non-fiction stories on criminal justice. Court TV Extra, a subscription Web-based service, offers viewers an interactive opportunity to watch multiple live trials on the Internet while accessing the tremendous resources of Court TV Online.

About Liberty Media Corporation
Liberty owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. It owns or has interests in some of the world's most recognized and respected brands and companies, including QVC, Encore, Starz, IAC/InterActiveCorp, Expedia and News Corporation.

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.

About Turner Broadcasting System, Inc.
Turner Broadcasting System, Inc., a Time Warner company, is a major producer of news and entertainment product around the world and a leading provider of programming to the basic cable industry.

Turner Press Call Information
Turner's President and CEO Phil Kent and Mark Lazarus, President of Turner Entertainment Group, will conduct a conference call with members of the media on Friday, May 12th at 2 pm. Please call 1-888-989-5313 and use the following passcode: TURNER (Leader: Phil Kent).

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. and Liberty Media Corporation. More detailed information about these factors may be found in filings by Time Warner and Liberty Media with the Securities and Exchange Commission, including their most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Time Warner and Liberty Media are under no obligation to, and expressly disclaim any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.