Time Warner Inc. Reaffirms 2009 Full-Year Business Outlook

NEW YORK--(Business Wire)--
Time Warner Inc. (NYSE:TWX) today reaffirmed its 2009 full-year business
outlook. Time Warner`s 2009 Full-Year Business Outlook excludes the results of
the Company`s former Cable segment in both the prior and current year.

Reflecting its 1-for-3 reverse stock split on March 27, 2009 in both the prior
and current year, Time Warner continues to expect its 2009 full-year Adjusted
Diluted Income per Common Share from Continuing Operations ("Adjusted EPS") to
bearound flat compared to Adjusted EPS of $1.98 in 2008.

The outlook above also does not include the impact of any future merger or
unplanned restructuring charges, the impact from sales and acquisitions of
operating assets and investments, or the impact of taxes on the above items,
that may occur from time to time due to management decisions and changing
business circumstances. The Company is currently unable to forecast precisely
the timing and/or magnitude of any such amounts or events.

Use of Adjusted Diluted Income per Common Share from Continuing Operations

Adjusted EPS is Diluted Income per Common Share from Continuing Operations
attributable to Time Warner Inc. shareholders excluding noncash impairments of
goodwill, intangible and fixed assets and investments; gains and losses on sales
of operating assets and investments; external costs related to mergers,
acquisitions, investments or dispositions, as well as contingent consideration
related to such transactions, to the extent such costs are expensed; and amounts
related to securities litigation and government investigations, as well as the
impact of taxes and noncontrolling interests on the above items.Adjusted EPS is
considered an important indicator of the operational strength of the Company`s
businesses as this measure eliminates amounts that do not reflect the
fundamental performance of the Company`s businesses. The Company utilizes
Adjusted EPS, among other measures, to evaluate the performance of its
businesses both on an absolute basis and relative to its peers and the broader
market. Many investors also use an adjusted EPS measure as a common basis for
comparing the performance of different companies. Some limitations of this
measure, however, are that it does not reflect certain cash charges that affect
the operating results of the Company`s businesses and that it involves judgment
as to whether items affect fundamental operating performance. Also, a general
limitation of Adjusted EPS is that this measure is not prepared in accordance
with U.S. generally accepted accounting principles and may not be comparable to
similarly titled measures of other companies due to differences in methods of
calculation and excluded items.

Adjusted EPS should be considered in addition to, not as a substitute for, the
Company`s Diluted Income per Common Share from Continuing Operations as well as
other measures of financial performance reported in accordance with U.S.
generally accepted accounting principles.

About Time Warner Inc.

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

Information on Earnings Release and Conference Call

In a separate release issued today, Time Warner Inc. reported the financial
results for its first quarter ended March 31, 2009.

The Company`s conference call can be heard live at 10:30 am ET on Wednesday,
April 29, 2009.To listen to the call, visit www.timewarner.com/investors or AOL
Keyword: IR.

Caution Concerning Forward-Looking Statements

This document includes 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, sales
of business assets, and the potential impact of future decisions by management
that may result in merger and restructuring charges, as well as the potential
impact of any future impairment charges to goodwill or other intangible assets.
More detailed information about these factors may be found in filings by Time
Warner Inc. with the Securities and Exchange Commission, including its most
recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Time Warner
is under no obligation to, 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.
RECONCILIATION OF GUIDANCE
(Unaudited)

Year Ended
December 31, 2008 Reconciliation of 2009 Guidance

Reconciliat
ion of
Adjusted
Diluted
Income per
Common
Share from
Continuing
Operations
("Adjusted
EPS") to
Diluted
Income
(Loss) per
Common
Share from
Continuing
Operations:

Adjusted $ 1.98 Around flat
EPS (1)

Impairments (7.81 ) No impairment expected
of
goodwill,
intangible
and fixed
assets and
investments

Gains and (0.03 ) Unable to estimate beyond the $(0.01) per share loss recognized for the period January 1, 2009 through March 31, 2009
losses on
sales of
operating
assets and
investments
(2)

External -- Unable to estimate
costs
related to
mergers,
acquisition
s,
investments
or
disposition
s,
including
contingent
considerati
on

Amounts (0.02 ) Unable to estimate
related to
securities
litigation
and
government
investigati
ons

Tax impact 0.48 Unable to estimate
on above
items

Impact of -- None expected beyond the $0.02 per share benefit recognized for the period January 1, 2009 through March 31, 2009
tax law
changes
attributabl
e to Time
Warner
Cable Inc.
net
deferred
tax
liabilities

Diluted $ (5.40 )
Income
(Loss) per
Common
Share from
Continuing
Operations

Notes:

(1) Adjusted Diluted Income per Common Share from Continuing Operations ("Adjusted
EPS") is Diluted Income per Common Share from Continuing Operations attributable
to Time Warner Inc. shareholders excluding noncash impairments of goodwill,
intangible and fixed assets and investments; gains and losses on sales of
operating assets and investments; external costs related to mergers, acquisitions,
investments or dispositions, as well as contingent consideration related to such
transactions, to the extent such costs are expensed; and amounts related to
securities litigation and government investigations, as well as the impact of
taxes and noncontrolling interests on the above items.

(2) Includes share of equity investment gain on disposal of assets.

Time Warner Inc.
Corporate Communications
Edward Adler, 212-484-6630
Keith Cocozza, 212-484-7482
or
Investor Relations
Doug Shapiro, 212-484-8926
Michael Kopelman, 212-484-8920

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