Randy Falco New Chairman and CEO of AOL

NEW YORK,
November 16: Randy Falco, the president and COO of the NBC Universal Television
Group, has been named Chairman and CEO of AOL.

The
announcement was made by Time Warner Inc.'s chairman and CEO Dick Parsons and
president and COO Jeff Bewkes.

"Jeff Bewkes and I
are very pleased that a top operating executive of Randy Falco's expertise and
experience will be leading AOL into its next stage of development,” says
Parsons. “A key to Time Warner's digital future, AOL is showing early success
in transitioning to an advertising-focused business model, and Randy is a
first-rate choice to ensure AOL realizes its promise. We thank Jon Miller for
his four years of far-sighted leadership during a difficult time at AOL. We
wish him well as he moves into the next phase of his career."

"I
look forward to working closely with Randy and the talented team at AOL as they
increasingly capitalize on the rapid growth of online advertising,” adds
Bewkes. “With his proven success in operations, business development, video
programming and advertising-supported businesses, Randy brings the right tools
to run AOL at this important time in its history. I also want to express my
gratitude to Jon Miller for his many contributions to the company, including
the strategy that we put together earlier this year, which is already bearing
fruit."

"I'm
truly excited about joining the superb teams at AOL and Time Warner,” adds
Falco. “AOL is clearly headed in the right direction, and I have full faith in
its future as a leader among Time Warner businesses. My challenge will be to
execute on the strategy that I believe will make AOL once again the leader of
the online world. I see a tremendous opportunity for meaningful growth at AOL
and will work hard with the fine people at AOL to make sure the company lives
up to its full potential."

Falco
has been the president and COO of the NBC Universal Television Group,
responsible for the group's commercial and operational functions, including
network and cable sales, affiliate relations, cable distribution, business
development, information technology, network and studio operations, worldwide
television distribution, and Telemundo. Falco also was a General Electric
corporate officer.