Time Warner Inc. Provides 2010 Full-Year Business Outlook

Time Warner Inc. (NYSE:TWX) today provided its 2010 full-year business outlook. The Company expects its 2010 full-year growth rate in Adjusted Diluted Income per Common Share from Continuing Operations (“Adjusted EPS”) to be in the mid-teens, off a 2009 Adjusted EPS base of $1.83.

The outlook above 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 Measures

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. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales or dispositions of operating assets, liabilities 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; amounts related to securities litigation and government investigations; and amounts attributable to businesses classified as discontinued operations, 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 Adjusted EPS, 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 it 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 and 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 and publishing, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution outlets.

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, and any future merger or unplanned restructuring charges, 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. 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 Reports 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.

Information on Earnings Release & Conference Call

In a separate release issued today, Time Warner Inc. reported the financial results for its full year and fourth quarter ended December 31, 2009.

The Company’s conference call can be heard live at 10:30 am ET on Wednesday, February 3, 2010. To listen to the call, visit www.timewarner.com/investors .

TIME WARNER INC.
RECONCILIATION OF GUIDANCE
(Unaudited)

	Year Ended
	December 31, 2009			Reconciliation of 2010 Guidance

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


Adjusted EPS ⁽¹⁾	$	1.83		Expected growth in the mid-teens

Impairments of goodwill, intangible and fixed assets and investments		(0.09	)	Unable to estimate

Gains and losses on sales of operating assets and investments		(0.03	)	Unable to estimate

External costs related to mergers, acquisitions, investments or dispositions, including contingent consideration		-		Unable to estimate

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

Tax impact on above items		0.03		Unable to estimate

Impact of tax law changes attributable to Time Warner Cable Inc. net deferred tax liabilities		0.02		None Expected

Noncontrolling interest impact on certain of the above items		-		None Expected

Diluted Income (Loss) per Common Share from Continuing Operations	$	1.74		Expected growth in the mid-teens


(1) Adjusted EPS is Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc. common shareholders excluding noncash impairments of goodwill, intangible and fixed assets and investments; gains and losses on sales or dispositions of operating assets, liabilities 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; amounts related to securities litigation and government investigations; and amounts attributable to businesses classified as discontinued operations, as well as the impact of taxes and noncontrolling interests on the above items.