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Time Warner and China Media Capital Form Strategic Investment Partnership



  Time Warner and China Media Capital Form Strategic Investment Partnership

Business Wire

NEW YORK -- June 6, 2013

Time Warner Inc. (NYSE:TWX) and China Media Capital (CMC), China’s leading
investment fund focused on media and entertainment, today announced the
formation of a strategic investment partnership. The announcement was made in
the western Chinese city of Chengdu, where top business leaders convened for
the 2013 Fortune Global Forum.

The alliance pairs the world’s leading video-focused content company, home of
such businesses as Warner Bros., HBO, and Turner Broadcasting, with the
preeminent investment platform in China dedicated to the media and
entertainment sector. The goal of the partnership is to capitalize on China’s
rapidly expanding media sector as digital devices proliferate and China’s
demand for high-quality content across multiple platforms rises.

“This partnership with CMC and Ruigang Li will give us a unique window into
one of the world’s largest and fastest growing media and entertainment
markets,” said Time Warner Chairman and CEO Jeff Bewkes. “Increasing our
global presence is one of Time Warner’s strategic priorities and China is one
of the most attractive territories in which we operate, but it is complex.
This alliance will give all our businesses a savvy and accomplished partner as
we strive to bring our leading brands and storytelling to people everywhere,
across a wide range of devices.”

"China's media and entertainment industry is undergoing a profound change on
various fronts including technology, creativity and commercialization." said
Ruigang Li, Chairman of CMC. “We are privileged to be at the forefront of
these unprecedented opportunities as well as challenges. We are pleased to
forge this partnership with Time Warner, a global power of television, film,
and digital content, to jointly explore innovative ways of creating premium
content for the new generation of consumers at the age of Internet and mobile,
which will further contribute to the dynamic industry development in China."

The Chinese media and entertainment market is among the largest and fastest
growing in the world. Box office revenue is projected to reach $4.4 billion in
2013, and with an estimated 45% compound annual growth rate (CAGR) between
2009 and 2013. Animation revenues are projected to reach $7.1 billion in 2013,
with a 27% CAGR over the same period, and online video revenues are projected
to reach $2 billion in 2013 with a 64% CAGR between 2009 and 2013.

CMC Founding Chairman Mr Ruigang Li founded CMC as China’s first media and
entertainment-focused investment fund in 2010. CMC’s investment portfolio has
participated in several investments and transactions including DreamWorks
Animation’s Chinese joint venture and CMC’s acquisition of Star China from
News Corporation. Mr. Li was previously the chief executive of Shanghai Media
Group, where he was credited successfully transforming the Shanghai based
provincial broadcaster SMG into one of China’s largest media conglomerates.

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.

About CMC

China Media Capital (CMC) is China’s first media sector focused fund dedicated
to media and entertainment investments in China and internationally. Approved
by China’s National Development and Reform Commission (NDRC) for an initial
fund size of RMB 5 billion, CMC’s prominent founding partners include China
Development Bank (CDB), one of China’s largest financial institutions. CMC’s
investment portfolio includes stakes in OCJ, the #1 TV shopping channel in
China, a joint venture share in Oriental DreamWorks together with DreamWorks
Animation, a joint venture share in TVB China together with TVB, and a
controlling stake in Star China, formerly News Corporation’s China assets,
including TV channels – Star (Xing Kong), Star (Xing Kong) International and
Channel V (China) – as well as the Fortune Star movie library, which is the
largest movie library across Asia.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130606005744/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50647682&lang=en

Contact:

Time Warner
Keith Cocozza
Tel: 1-212-484-7482
keith.cocozza@timewarner.com
China Media Capital
Jiaming Wu
Tel: +86-21-5466 8282
wujiaming@chinamediacapital.com
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