Tim Armstrong Named Chairman and CEO of AOL

Former Google Executive to Build AOL`s Future and Help Determine Optimal
Structure for AOL
NEW YORK--(Business Wire)--
Tim Armstrong, Google Senior Vice President, has been named Chairman and CEO of
AOL, LLC, Time Warner Inc. (NYSE:TWX) Chairman and CEO Jeff Bewkes announced
today. Current AOL Chairman and CEO Randy Falco and President and COO Ron Grant
plan to leave the company after a transition period.

In making the announcement Mr. Bewkes said: "Tim is the right executive to move
AOL into the next phase of its evolution. At Google, Armstrong helped build one
of the most successful media teams in the history of the Internet -- helping to
make Google the most popular online search advertising platform in the world for
direct and brand marketers. He`s an advertising pioneer with a stellar
reputation and proven track record. We are privileged to have him preside over
AOL as its audience and programming businesses continue to grow and its
advertising platform expands globally. He`ll also be helpful in helping Time
Warner determine the optimal structure for AOL"

Tim Armstrong said: "I`m very excited about the opportunities presented in
leading AOL. AOL has a wide-ranging set of assets and audience. The company is
well positioned to enhance those assets into a larger share of the Internet
audience and advertiser communities. AOL and Google have been partners for years
and I look forward to collaborating with Jeff Bewkes and his team as we explore
the right structure and future for AOL."

Mr. Bewkes added: "Randy led AOL in its transition from a subscription business
to an audience business. Under Randy and Ron, AOL`s programming sites exhibited
year-over-year growth in unique visitors for 23 consecutive months with many of
its sites now in the top five of their categories., They also assembled
Platform-A, the number one display ad network in the U.S. with a reach of more
than 90%. They also aggressively cut costs as they restructured the Audience
business portion of the company into three distinct operating units: People
Networks, MediaGlow, and Platform-A. As Randy and Ron move on, they leave AOL
with our gratitude and appreciation for remaking the company and bringing it to
a new and promising level."

Tim Armstrong was a member of Google`s Operating Committee and served as the
president of the Americas Operations. Under the Americas Operations, Armstrong`s
team managed publishers and advertisers` relationships and platforms with some
of the world`s most widely recognized media and agency brands. Armstrong started
at Google in the year 2000 and opened the first office outside of the Mountain
View, CA headquarters.

Mr. Armstrong joined Google from Snowball.com, where he was vice president of
sales and strategic partnerships. Prior to his role at Snowball.com, he served
as director of integrated sales & marketing at Starwave's and Disney's ABC/ESPN
Internet Ventures, working across the companies' Internet, TV, radio, and print
properties. He started his career by co-founding and running a newspaper based
in Boston, MA, before joining IDG to launch their first consumer Internet
magazine, I-Way.

Mr. Armstrong sits on the boards of the Interactive Advertising Bureau (IAB),
the Advertising Council, and the Advertising Research Foundation, and is a
trustee at Connecticut College and Lawrence Academy. He is a member of Mayor
Bloomberg`s MediaNYC 2020 committee. He is a graduate of Connecticut College,
with a double major in economics and sociology.

About AOL

AOL is a global Web services company that operates some of the most popular Web
destinations, offers a comprehensive suite of free software and services, runs
one of the largest Internet access businesses in the U.S., and provides a full
set of advertising solutions. A majority-owned subsidiary of Time Warner Inc.,
AOL LLC and its subsidiaries have operations in the U.S., Europe, Canada and
Asia. Learn more at AOL.com.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with businesses in
filmed entertainment, television networks, publishing and interactive services,
uses its industry-leading operating scale to create, package and deliver
high-quality branded content worldwide through multiple distribution platforms.
For more information about Time Warner Inc., please visit www.timewarner.com.

Time Warner Inc.
Edward Adler, 212-484-6630
or
Keith Cocozza, 212-484-7482

Copyright Business Wire 2009