Time Warner Inc. Announces Expiration of Cash Tender Offer for any and all of its Outstanding 6.75% Notes Due 2011

NEW YORK- Time Warner Inc. (NYSE: TWX) today announced the expiration of its tender offer (the “Offer”) to purchase for cash any and all of its outstanding 6.75% Notes due 2011 (the “Notes”). The Offer expired at 11:59 p.m., New York City time, on March 10, 2010 (the “Expiration Time”).

As of the Expiration Time, $773,045,000 aggregate principal amount of outstanding Notes had been validly tendered and accepted.

As announced on March 3, 2010, the purchase price is $1,066.25 per $1,000 principal amount of Notes tendered and accepted for payment. Time Warner will also pay accrued and unpaid interest on the Notes accepted in the Offer up to, but not including, the settlement date. The settlement date is March 11, 2010.

Barclays Capital Inc., BNP Paribas Securities Corp. and Citigroup Global Markets Inc. acted as Dealer Managers for the Offer. D.F. King & Co., Inc. acted as the Information Agent and Depositary. Requests for documents may be directed to D.F. King & Co., Inc. at (800) 758-5880 (toll free) or (212) 269-5550 (banks and brokers). Questions regarding the Offer may be directed to Barclays Capital Inc. at (800) 438-3242 (toll free), BNP Paribas Securities Corp. at (212) 841-3059 (collect) and Citigroup Global Markets Inc. at (800) 558-3745 (toll free).

This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell, with respect to any securities. The solicitation of offers to buy the Notes was only being made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. The Offer was not being made in any state or jurisdiction in which such offer 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, filmed entertainment and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This document includes 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 the businesses of Time Warner Inc. More detailed information about these factors may be found in filings by Time Warner with the Securities and Exchange Commission, including its most recent Annual Report