Time Warner Inc. Announces Five-Year Contract Extension with Chairman and CEO Jeff Bewkes

  Time Warner Inc. Announces Five-Year Contract Extension with Chairman and
  CEO Jeff Bewkes

Business Wire

NEW YORK -- November 20, 2012

Time Warner Inc. today announced a new employment agreement with Chairman and
Chief Executive Officer Jeff Bewkes, extending his term another five years
through 2017.

“Speaking on behalf of the Board of Directors, we are very pleased that Jeff
has signed on to lead Time Warner for another five years,” said Stephen F.
Bollenbach, Lead Independent Director of the Time Warner Board of Directors.
“Jeff is a proven visionary when it comes to navigating the digital landscape.
Since becoming CEO in 2008 he has led the transformation of the Company into a
content-focused powerhouse while at the same time significantly increasing
shareholder value.”

“It is a pleasure to work with such a dedicated Board of Directors and I
appreciate their confidence in me and in the strategy we have formulated to
drive the company’s growth,” said Mr. Bewkes. “With Time Warner’s exceptional
management team we have created some of the most compelling content in the
world, we have led the way in developing new business models that capitalize
on emerging consumer trends, we’ve expanded our reach internationally and
we’ve improved the operating and the capital efficiency of the Company. I’m
even more confident about what we’ll achieve over the next five years.”

Under the terms of the new agreement, Mr. Bewkes’ base salary and bonus target
will remain unchanged. Additionally, the agreement provides for annual
long-term incentive awards that are tied directly, and solely, to future
financial and shareholder returns.

Commenting on Mr. Bewkes’ pay package Mr. Bollenbach said, “Jeff’s
compensation reflects his and the Company’s strong performance since 2008,
especially in delivering strong financial results in a competitive market and
in the digital leadership of our businesses. The structure of his pay also
takes into consideration the views of our major stockholders and expressly
ties his pay to the long-term financial success of the company.”

Prior to being named Chairman and CEO in 2009, Mr. Bewkes was appointed as
Time Warner's President and CEO in 2008. He was President and COO from January
2006 to December 2007 and Chairman of the Entertainment and Networks group
from July 2002 to December 2005. Before joining the corporate management of
Time Warner, Mr. Bewkes served as Chairman and CEO of HBO from May 1995 to
July 2002, and as President and COO of HBO from September 1991 to May 1995.

About Time Warner Inc.

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


Time Warner Inc.
Keith Cocozza
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