NEW YORK -- Time Warner Inc. announced today that it has acquired Africana.com, Inc., a premier Internet portal committed to delivering content on the history, culture and contemporary condition of Africa and its Diaspora. The terms of acquisition were not disclosed.

Headquartered in Cambridge, Massachusetts, Africana.com was co-founded in January 1999 by Harvard University educators Henry Louis Gates, Jr. and Kwame Anthony Appiah, along with Harry M. Lasker III, to enhance educational and economic opportunities for blacks in America and around the world. In addition to its acquisition of Africana.com, Time Warner entered into a consulting agreement with Drs. Gates and Appiah, who are recognized as leading scholars in African and Afro-American studies.

In making the announcement, Richard Bressler, chairman and CEO of Time Warner Digital Media, said: "Joining with the founders of Africana.com is an exciting business opportunity for Time Warner. We look forward to working with them in furthering their mission of bringing the rich history and culture of Africans and African Americans to the Web and of acting as a digital bridge that will help span the growing gap between technological haves and have-nots. The alliance demonstrates Time Warner's longstanding commitment to embrace and encourage a diversity of voices and information in our society." Africana.com is expected to be a key component of Time Warner's strategy targeting the African-American market.

Upon completion of Time Warner's planned merger with AOL, Africana.com will be fully integrated with AOL. In the interim, Africana.com will report to Derek Johnson, Time Warner's vice president for corporate initiatives.

According to Henry Louis Gates, Jr., Africana.com's Chairman, "We're extraordinarily excited about the prospect of joining the Time Warner family. Africana.com is dedicated to providing authoritative content about black people throughout the world and helping to bridge the digital divide. Time Warner, under the imaginative leadership of Gerald Levin, has demonstrated a profound commitment to serving the diverse interests of the black community through a wide variety of media. It is, in fact, the premier producer of black entertainment and culture. Time Warner's resources, skills, and content will greatly bolster Africana.com's ability to share black culture with people all around the world. We aim to be the premier black educational portal. This is a thrilling development for all of us who care about diversity on the World Wide Web."

In addition to making available a vast array of authoritative original and third-party content, Africana.com offers a variety of interactive experiences, such as Radio Africana, which provides live access to some 80 black radio stations worldwide. The educational features of the site include hosting the innovative Adopt-a-School program, which distributes educational materials to disadvantaged schools, and Blackboard, an online learning center for teachers and students.

Africana.com has experienced vigorous growth in traffic since its founding. It currently boasts more than 500,000 monthly visits and about 3.6 million monthly page views. Over 50,000 people use Africana Mail, the site's free e-mail service, and 57,000 subscribe to the Africana.com newsletter.

Time Warner Inc. (NYSE: TWX, www.timewarner.com) is the world's leading media company. Its businesses include cable networks, publishing, music, filmed entertainment, cable and digital media.

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