NEW YORK - A Better Chance, the national resource for identifying, recruiting and developing leaders among academically gifted students of color, will present the A Better Chance Corporate Leadership Award to Richard D. Parsons, chairman and chief executive officer of Time Warner Inc., at its annual awards luncheon on Monday, June 14. Ed Bradley, "60 Minutes" co-editor and correspondent, will emcee the gala event at the Waldorf-Astoria.

As a testament to his commitment to public service and the community, Parsons was co-chair of President George Herbert Walker Bush's bi-partisan Social Security Commission, and he chairs the Upper Manhattan Empowerment Zone Development Corp., which was set up to spur business development and job creation in Harlem. He is also Chairman of the Apollo Theater Foundation and sits on the boards of several companies, including Citigroup, Estee Lauder and the Colonial Williamsburg Foundation; arts organizations, including the Museum of Modern Art; and Howard University.

Parsons has been affiliated with Time Warner since 1991, when he joined the company's Board of Directors. He became Time Warner's President in February 1995, and later served as the company's Co-Chief Operating Officer. Parsons became CEO in May 2002 and Chairman of the Board in May 2003.

Parsons said, "I am most honored by this award. A Better Chance plays a growing and increasingly vital role in opening opportunities to the nation's top college preparatory and public high schools. I strongly support this organization's mission and look forward to even more students of color benefiting from the best education available."

According to Sandra E. Timmons, president of A Better Chance, "Richard Parsons serves as a role model for aspiring executives of all races, but his success has earned him a leadership role among African-Americans. The qualities that make him successful - his focus, vision, concern for the community and ability to motivate others - are the attributes we look for in A Better Chance Scholars. These things make him especially worthy of our corporate award."

A Better Chance was founded in 1963 by 23 private schools wishing to diversify their student populations. It has expanded its network to more than 225 affiliated college preparatory schools. Past recipients of the A Better Chance Corporate Award include: John T. Dillon, Chairman and COO; International Paper Company; Harvey Golub, Chairman and CEO, American Express Company; Douglas Daft , Chairman and CEO, Coca Cola; and Earl G. Graves, chairman and CEO, Earl G. Graves, Ltd.

About A Better Chance
A Better Chance identifies and recruits academically talented and motivated students of color and guides them toward a variety of educational opportunities. Founded in 1963, it is the oldest and only national organization of its kind. Through its historic signature program, the College Preparatory Schools Program, it places students in some of our nation's finest college preparatory schools.

Currently, more than 4,000 students are reached annually through A Better Chance programs nationwide, of which 1,600 are enrolled in 225 Member Schools. Since its inception, over 11,000 alumni have been given an A Better Chance opportunity. A Better Chance is headquartered in New York and has five regional staff offices. Oprah Winfrey became National Spokesperson in 1997. For information about A Better Chance, call (646) 346-1310 or visit www.abetterchance.org

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

Note to editors: Photos of Richard Parsons and Sandra Timmons available upon request. Contact Wendy Hirschhorn; 212/826-8790 or whirschhorn@abetterchance.org