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Time Warner Names New CEO

Time Warner Inc. has announced the election of Jeffrey L. Bewkes as CEO of Time Warner Inc., effective January 1, 2008. Bewkes, who currently serves as president and COO, will retain the title of president. He will succeed Richard D. Parsons, who will remain as chairman of the board.

Bewkes had been serving as president and COO since 2006 and was elected to the company's board of directors earlier this year. In that position, he oversaw operations at Time Inc., HBO, Turner Broadcasting, Warner Bros., New Line Cinema, Time Warner Cable and AOL. From 2002 through 2005, Bewkes was chairman of Time Warner's entertainment and networks group.

Bewkes has a BA degree from Yale University and an MBA degree from Stanford Graduate School of Business.

Time Warner has also announced the appointment of John K. Martin as Exec VP and CFO of Time Warner Inc., effective January 1, 2008. Currently serving as Exec VP, CFO of Time Warner Cable Inc., Martin will succeed Wayne H. Pace, who has announced his intention to retire at the end of this year.

Prior to joining Time Warner Cable Inc. as Exec VP, CFO in August 2005, where he was responsible for all areas of finance, accounting and treasury, Martin spent nearly 12 years with Time Warner, where he served, among other positions, as SVP, Investor Relations. Martin received an MBA. degree in Financial and Organizational Behavior from the Graduate School of Business at Columbia University in 1994 and a BS in Economics from the Wharton School of Business at the University of Pennsylvania in 1989.

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