Time Warner Inc. Announces That Chris Albrecht Will No Longer Serve as Home Box Office Chairman & CEO

May 09, 2007

NEW YORK � Time Warner Inc. today announced that the Company and Chris Albrecht have agreed that he will no longer serve as chairman and CEO of Home Box Office, effective immediately.

Mr. Albrecht said: "With great regret, at the request of Time Warner, I have agreed to step down as chairman and CEO of Home Box Office. I take this step for the benefit of my Home Box Office colleagues, recognizing that I cannot allow my personal circumstances to distract them from the business. I'm very proud of what we have achieved together at Home Box Office, and I wish everybody there many more successes in the future."

Time Warner Chairman and CEO Richard D. Parsons said: "Jeff Bewkes and I believe that this is the right decision for the Company. We thank Chris for all of his contributions to Home Box Office over the years."

The Company also announced that Home Box Office Chief Operating Officer Bill Nelson will assume Mr. Albrecht's duties on an interim basis until the appointment of a new Home Box Office CEO.

About Time Warner Inc.

Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.