Time Warner Inc. Declares Dividend

January 15, 1998

The Board of the Directors of Time Warner Inc. today declared a regular quarterly cash dividend of $.09 per common share, payable on March 16, 1998, to shareholders of record on March 2, 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 March 30, 1998, to shareholders of record on March 10, 1998.Time Warner Inc., the world's leading media and entertainment company, consists of four fundamental businesses: entertainment, cable networks, publishing and cable, with interests in filmed entertainment, television production, broadcasting, recorded music, music publishing, cable-television programming, sports franchises, magazines, book publishing and cable-television systems.

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