Time Warner Inc. Updates 2009 Full-Year Business Outlook and Provides 2009 Full-Year Business Outlook for its Content Group

In anticipation of the Company's separation of AOL, which is expected to be completed in December 2009, Time Warner is also providing a full-year outlook for its Content Group (which consists of the Networks, Filmed Entertainment, Publishing and Corporate segments). The Company expects 2009 full-year Content Group Adjusted EPS to be at least $1.75, compared to Content Group Adjusted EPS of $1.42 in 2008. This outlook includes the expected restructuring charges in the Publishing segment mentioned above.

The outlook above does not include the impact of any future merger or unplanned restructuring charges, the impact from sales and acquisitions of operating assets and investments, or the impact of taxes on the above items, that may occur from time to time due to management decisions and changing business circumstances. The Company is currently unable to forecast precisely the timing and/or magnitude of any such amounts or events.

Use Of Adjusted Diluted Income Per Common Share From Continuing Operations Measures

Adjusted Diluted Income per Common Share from Continuing Operations ("Adjusted EPS") is Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales of operating assets and investments; external costs related to mergers, acquisitions, investments or dispositions, as well as contingent consideration related to such transactions, to the extent such costs are expensed; and amounts related to securities litigation and government investigations, as well as the impact of taxes and noncontrolling interests on the above items. The Company utilizes Adjusted EPS, among other measures, to evaluate the performance of its businesses both on an absolute basis and relative to its peers and the broader market. In light of the pending separation of AOL from the Company, the Company also uses Content Group Adjusted EPS, which is Adjusted EPS for the Company's businesses other than its AOL segment. Adjusted EPS measures are considered important indicators of the operational strength of the Company's businesses as they eliminate amounts that do not reflect the fundamental performance of the Company's businesses. Many investors also use an adjusted EPS measure as a common basis for comparing the performance of different companies. Some limitations of an adjusted EPS measure, however, are that it does not reflect certain cash charges that affect the operating results of the Company's businesses and that it involves judgment as to whether items affect fundamental operating performance. Also, a general limitation of an adjusted EPS measure is that it is not prepared in accordance with U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies due to differences in methods of calculation and excluded items.

Adjusted EPS and Content Group Adjusted EPS measures should be considered in addition to, not as substitutes for, the Company's Diluted Income per Common Share from Continuing Operations as well as other measures of financial performance reported in accordance with U.S. generally accepted accounting principles.

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(1) In both the prior and current year, the outlook above excludes the results of Time Warner's former Cable segment and reflects the Company's 1-for-3 reverse stock split on March 27, 2009.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks, filmed entertainment, publishing and interactive services, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution platforms.

Information on Time Warner's Earnings Release & Conference Call

In a separate release issued today, Time Warner Inc. reported the financial results for its third quarter ended September 30, 2009.

The Company's conference call can be heard live at 10:30 am ET on Wednesday, November 4, 2009. To listen to the call, visit www.timewarner.com/investors or AOL Keyword: IR.

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, sales of business assets, and the potential impact of future decisions by management that may result in merger and restructuring charges, as well as the potential impact of any future impairment charges to goodwill or other intangible assets. More detailed information about these factors may be found in filings by Time Warner Inc. with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Time Warner is under no obligation to, 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.

TIME WARNER INC.
RECONCILIATION OF GUIDANCE (INCLUDING AOL)
(Unaudited)
                                                                      Year Ended
                                                                      December 31, 2008 (1)  Reconciliation of 2009 Guidance
Reconciliation of Adjusted Diluted Income per Common Share from
Continuing Operations ("Adjusted EPS") to Diluted Income (Loss) per
Common Share from Continuing Operations:
Adjusted EPS (2)                                                      $         1.98         At least $2.05
Impairments of goodwill, intangible and fixed assets and investments            (7.81     )  Unable to estimate beyond the $(0.05) per share recognized for the
                                                                                             period January 1, 2009 through September 30, 2009
Gains and losses on sales of operating assets and investments(3)                (0.03     )  Unable to estimate beyond the $(0.03) per share recognized for the
                                                                                             period January 1, 2009 through September 30, 2009
External costs related to mergers, acquisitions, investments or                 -            Unable to estimate beyond the $(0.02) per share recognized for the
dispositions, including contingent consideration                                             period January 1, 2009 through September 30, 2009
Amounts related to securities litigation and government                         (0.02     )  Unable to estimate beyond the $(0.02) per share recognized for the
investigations                                                                               period January 1, 2009 through September 30, 2009
Tax impact on above items                                                       0.48         Unable to estimate beyond the $0.03 per share benefit recognized
                                                                                             for the period January 1, 2009 through September 30, 2009
Impact of tax law changes attributable to Time Warner Cable Inc. net            -            None expected beyond the $0.02 per share benefit recognized for
deferred tax liabilities                                                                     the period January 1, 2009 through September 30, 2009
Diluted income (loss) per common share from continuing operations     $         (5.40     )  Expect diluted income per common share
Diluted income (loss) per common share attributable to Time                     (5.83     )  Expect diluted income per common share
Warner Cable Inc.(4)
Diluted income (loss) per common share(5)                             $         (11.23    )  Expect diluted income per common share
(1) Earnings per share information has been recast to reflect the
1-for-3 reverse stock split of the Company's common stock that
became effective on March 27, 2009.
(2) Adjusted EPS is Diluted Income per Common Share from Continuing
Operations attributable to Time Warner Inc. common shareholders
excluding the results of the Company's former Cable segment; noncash
impairments of goodwill, intangible and fixed assets and
investments; gains and losses on sales of operating assets and
investments; external costs related to mergers, acquisitions,
investments or dispositions, as well as contingent consideration
related to such transactions, to the extent such costs are expensed;
and amounts related to securities litigation and government
investigations, as well as the impact of taxes and noncontrolling
interests on the above items.
(3) Includes share of equity investment gain on disposal of assets.
(4) On March 12, 2009, the Company completed the legal and
structural separation of Time Warner Cable Inc. ("TWC") from the
Company. With the completion of the separation of TWC, the Company
disposed of the Cable segment in its entirety. Accordingly, the
Company now presents the financial condition and results of
operations of TWC as discontinued operations in its consolidated
financial statements.
(5) This amount corresponds to the amount of Diluted income (loss)
per common share from continuing operations in the consolidated
statement of operations included in the Company's Annual Report on
Form 10-K for the year ended December 31, 2008 filed with the
Securities and Exchange Commission on February 20, 2009 (the "2008
Form 10-K"); provided however, that this amount reflects the 1-for-3
reverse stock split of the Company's common stock described in note
1 above.

TIME WARNER INC.
RECONCILIATION OF GUIDANCE (EXCLUDING AOL)
(Unaudited)
                                                                      Year Ended
                                                                      December 31, 2008(1)   Reconciliation of 2009 Guidance
Reconciliation of Content Group Adjusted Diluted Income per
Common Share from Continuing Operations ("Content Group Adjusted
EPS") to Diluted Income (Loss) per Common Share from Continuing
Operations:
Content Group Adjusted EPS(2)                                         $         1.42         At least $1.75
Impairments of goodwill, intangible and fixed assets and investments            (6.05     )  Unable to estimate beyond the $(0.05) per share recognized for the
                                                                                             period January 1, 2009 through September 30, 2009
Gains and losses on sales of operating assets and investments(3)                (0.03     )  Unable to estimate beyond the $(0.03) per share recognized for the
                                                                                             period January 1, 2009 through September 30, 2009
External costs related to mergers, acquisitions, investments or                 -            Unable to estimate beyond the $(0.02) per share recognized for the
dispositions, including contingent consideration                                             period January 1, 2009 through September 30, 2009
Amounts related to securities litigation and government                         (0.02     )  Unable to estimate beyond the $(0.02) per share recognized for the
investigations                                                                               period January 1, 2009 through September 30, 2009
Tax impact on above items                                                       0.41         Unable to estimate beyond the $0.03 per share benefit recognized
                                                                                             for the period January 1, 2009 through September 30, 2009
Impact of tax law changes attributable to Time Warner Cable Inc. net            -            None expected beyond the $0.02 per share benefit recognized for
deferred tax liabilities                                                                     the period January 1, 2009 through September 30, 2009
Diluted income (loss) per common share from continuing operations     $         (4.27     )  Expect diluted income per common share
(excluding AOL)
Diluted income (loss) per common share attributable to AOL(4)                   (1.13     )  Expect diluted income per common share
Diluted income (loss) per common share from continuing operations     $         (5.40     )  Expect diluted income per common share
- Time Warner (including AOL)
(1) Earnings per share information has been recast to reflect the
1-for-3 reverse stock split of the Company's common stock that
became effective on March 27, 2009.
(2) Content Group Adjusted EPS is Diluted Income per Common Share
from Continuing Operations attributable to Time Warner Inc. common
shareholders excluding the results of the AOL segment; noncash
impairments of goodwill, intangible and fixed assets and
investments; gains and losses on sales of operating assets and
investments; external costs related to mergers, acquisitions,
investments or dispositions, as well as contingent consideration
related to such transactions, to the extent such costs are expensed;
and amounts related to securities litigation and government
investigations, as well as the impact of taxes and noncontrolling
interests on the above items.
(3) Includes share of equity investment gain on disposal of assets.
(4) Calculated as Loss from Continuing Operations of Time Warner
Inc. that is attributable to the Company's AOL segment of $1.352
billion divided by Time Warner Inc. average diluted common shares
outstanding of 1.194 billion.

SOURCE: Time Warner Inc.

Time Warner Inc. 
Corporate Communications 
Edward Adler 212-484-6630 
Keith Cocozza 212-484-7482 
or 
Investor Relations 
Doug Shapiro 212-484-8926 
Michael Kopelman 212-484-8920