Time Warner Inc. Announces Proposed Debt Offering

November 17, 2015

NEW YORK - Time Warner Inc. (NYSE:TWX) today announced that it has commenced an underwritten public offering of debt securities consisting of senior notes due 2026 of benchmark size and 4.85% Debentures due 2045 (“additional debentures”).  The additional debentures constitute an additional issuance of, will form a single series with, will have the same terms and CUSIP number as, and will trade interchangeably with, the outstanding 4.85% Debentures due 2045 issued by Time Warner on June 4, 2015. The net proceeds from the issuance of the notes and additional debentures will be used for general corporate purposes.

The notes and additional debentures will be issued by Time Warner and guaranteed by Historic TW Inc.  In addition, Home Box Office, Inc. and Turner Broadcasting System, Inc. will guarantee the obligations of Historic TW Inc. under its guarantee.  The guarantee structure for the notes and additional debentures will be the same as the structure for the notes and debentures Time Warner has issued since 2010.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”).  Interested parties should read the prospectus included in such registration statement and the preliminary prospectus supplement for the offering and other documents that Time Warner has filed with the SEC for more complete information about Time Warner and the offering.

The offering is being made only by means of a prospectus and a related prospectus supplement.  Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the active joint book-running managers for the offering.  Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting Barclays Capital Inc. at 888-603-5847, Citigroup Global Markets Inc. at 800-831-9146, Deutsche Bank Securities Inc. at 800-503-4611, and J.P. Morgan Securities LLC at 212-834-4533.  An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes, additional debentures and guarantees in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Time Warner Inc.
Time Warner Inc., a global leader in media and entertainment with businesses in television networks and film and TV entertainment, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide on a multi-platform basis.

Caution Concerning Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of Time Warner’s businesses.  More detailed information about these factors may be found in filings by Time Warner with the SEC, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.  Time Warner is under no obligation, and expressly disclaims any such obligation, to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.