Time Warner Inc. Declares Dividend

September 17, 1998

The Board of Directors of Time Warner Inc. today 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 December 30, 1998, to shareholders of record on December 10, 1998.

Time Warner Inc. (NYSE: TWX), the worlds leading media company, consists of four businesses: cable networks, publishing, entertainment and cable.

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