NEW YORK– Time Warner Inc. (NYSE: TWX) today announced that it has commenced an underwritten public offering of up to $1.0 billion of debt securities split between senior notes due 2022 and senior debentures due 2042. The net proceeds from the issuance of the notes and debentures will be used for general corporate purposes.

The notes and debentures will be issued by Time Warner and guaranteed by Historic TW Inc. In addition, Home Box Office, Inc. and Turner Broadcasting System, Inc. will guarantee the obligations of Historic TW Inc. under its guarantee. The guarantee structure for the notes and debentures will be the same as the structure for the notes and debentures Time Warner issued in 2011.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). Interested parties should read the prospectus included in such registration statement and the preliminary prospectus supplement for the offering and other documents that Time Warner has filed with the SEC for more complete information about Time Warner and the offering.

The offering is being made only by means of a prospectus and a related prospectus supplement. Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are the active joint book-running managers. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting Barclays Capital Inc. at 1-888-603-5847, BNP Paribas Securities Corp. at 1-800-854-5674, Citigroup Global Markets Inc. at 1-877-858-5407 and Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s website, www.sec.gov.

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