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Jeff Bewkes New President/COO of Time Warner Inc.

Jeff Bewkes has been named president/coo of Time Warner Inc. while Don Logan, chairman of Time Warner's Media & Communications Group, plans to retire at the end of the year and become the non-executive chairman of Time Warner Cable's board of directors.

Chairman/ceo Dick Parsons said: "Since I asked Don and Jeff to help me run the company in the summer of 2002, we have overcome a long list of challenges and put this company back on track. We've worked hard to make Time Warner the best managed and most valuable portfolio of world-class media and entertainment assets by: strengthening our balance sheet, meeting our financial objectives, investing in our businesses, streamlining our structure, making smart strategic acquisitions, launching new products, capitalizing on the adjacencies among our businesses, returning value more directly to our stockholders and putting nearly all of our legal and regulatory issues behind us. By running our businesses better than ever, we continued to build sustainable long-term value, gained tremendous financial flexibility and positioned ourselves to take full advantage of the digital world's emerging opportunities. Now, after having accomplished all that together, we're smoothly transitioning our senior management team with Don's well-earned retirement and Jeff's well-deserved promotion."

Parsons cited Bewkes for, "providing critical leadership for cross-company initiatives involving the digital distribution of content. His previous record of stellar achievement at HBO speaks for itself Not only is Jeff a seasoned executive, but he brings long experience in dealing with the creative and technological aspects of our companies."

Bewkes was chairman of the Entertainment & Networks Group of Time Warner Inc. since July 2002, where he oversaw Warner Bros., New Line Cinema, HBO and Cinemax, CNN, TNT, TBS, Cartoon Network and The WB Television Network.

Previously, Bewkes was ceo of Home Box Office for seven years, where he was responsible for the overall management of the world's largest premium television company. Prior to becoming ceo, Bewkes became its president/coo in 1991 and served as cfo for the preceding five years.

Before joining HBO, Bewkes served for two years as an account officer for Citibank, NA in New York. Previously, he was operations director for Sonoma Vineyards Inc., in Healdsburg, California.

"I thank Don for his 35 years of distinguished service to the company," Parsons said. "Since coming to work with Jeff and me, he has provided critical leadership to our online, cable and publishing companies. Don deserves a great deal of credit for stabilizing AOL and starting its transition to an advertising-based business model capped by this week's strategic alliance with Google. Time Warner Cable has delivered financial growth, launched such successful new products as Digital Phone and positioned itself for the Adelphia transaction. Time Inc. has continued to introduce new titles and make strategic international acquisitions.

"In sum, Don has completed his mission. What makes Don so remarkable is that all of these achievements came after his legendary climb from that first job at Southern Progress to become chairman and ceo of Time Inc. with its 41 straight quarters of profit growth," he continued. Happily, we'll again have the opportunity to benefit from Don's wisdom when he becomes chairman of Time Warner Cable."

Logan said: "I'm pleased to have spent my career working with the great people of Time Warner from my wonderful days at Southern Progress and Time Inc. to my rewarding partnership with Dick and Jeff. I'm proud of everything that we achieved together especially over the past 3 1/2 years as we together put Time Warner back on track. This is a tremendous company with truly impressive businesses, and I'm sure that it will continue to excel for many years to come Thanks to my new role at Time Warner Cable, I'll still be able to continue contributing to Time Warner's promising future."

Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.

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