Time Warner Inc. Comments on 21st Century Fox’s Withdrawal of Its Unsolicited Proposal

  Time Warner Inc. Comments on 21st Century Fox’s Withdrawal of Its
  Unsolicited Proposal

Business Wire

NEW YORK -- August 5, 2014

Time Warner Inc. (NYSE:TWX) today issued the following statement regarding the
announcement by 21st Century Fox (NASDAQ:FOXA) that it has withdrawn its
proposal to acquire all of the outstanding shares of Time Warner.

Time Warner’s Board and management team are committed to enhancing long-term
value and we look forward to continuing to deliver substantial and sustainable
returns for all stockholders. Time Warner is well positioned for success with
our iconic assets, including the world’s leading premium television brand, the
world’s strongest ad-supported cable network group, and the world’s largest
film and television studio. We thank our stockholders for their continued

Citigroup Global Markets Inc. is acting as financial advisor to Time Warner.
Cravath, Swaine & Moore LLP is acting as legal advisor to Time Warner.


Time Warner Inc., a global leader in media and entertainment with businesses
in television networks and film and TV entertainment, uses its
industry-leading operating scale and brands to create, package and deliver
high-quality content worldwide on a multi-platform basis.


This document contains 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 and other factors affecting the operation of Time Warner businesses.
More detailed information about these factors may be found in filings by Time
Warner with the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Time
Warner is under no obligation, 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.
Corporate Communications
Keith Cocozza
Investor Relations
Michael Kopelman
Michael Senno
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