Time Warner Files Registration Statement for IPO of Common Stock in its Business Telephony Operations

April 6, 1998

Time Warner Inc. announced that it and its partners, U S WEST Media Group and Advance/Newhouse, filed a registration statement with the Securities and Exchange Commission in connection with an initial public offering of a minority interest in common stock in their business telephony operations, Time Warner Telecom Inc. The offering is subject to SEC review, certain state and local regulatory approvals and board approvals.

Time Warner Telecom Inc. is a facilities-based competitive local exchange carrier (CLEC) owned by Time Warner in partnership with U S WEST Media Group and Advance/Newhouse. Time Warner Telecom Inc. operates in selected metropolitan markets across the United States, offering a wide range of business telephony services, primarily to medium and large-sized business customers and other carriers. Its customers are principally telecommunications-intensive business end-users, long distance carriers, Internet service providers, wireless communications companies and governmental entities.

Morgan Stanley Dean Witter and Lehman Brothers have been named as representatives of the underwriters in connection with the offering.

The registration statement relating to the equity securities has been filed with the Securities and Exchange Commission but has not yet become effective. The equity securities subject to the registration statement may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities laws of any such state.

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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