HBO Chief Exits

NEW YORK, May 10: HBO’s chairman and CEO, Chris Albrecht, is
stepping down at the request of parent company Time Warner, after being
arrested over the weekend in Las Vegas for allegedly assaulting his girlfriend.

Albrecht was arrested for misdemeanor battery and domestic
assault following an altercation with his girlfriend outside the MGM Grand
Hotel, where he was attending the Oscar De La Hoya and Floyd Mayweather Jr.
boxing match broadcast on pay-per-view by HBO. He was reportedly arrested at 3
a.m. and spent 12 hours in a holding cell before being released.

This news of his resignation comes a day after Albrecht
announced he was taking a leave of absence, telling staffers in a memo: “I had
been a sober member of Alcoholics Anonymous for thirteen years. Two years ago,
I decided that I could handle drinking again. Clearly, I was wrong. Given that
truth, I have committed myself to sobriety. I intend to take a temporary leave
of absence from HBO effective today, in order to go back to working with AA.”

Announcing his resignation, Albrecht said: “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.”

Time Warner Chairman and CEO Richard D. Parsons added: “Jeff
Bewkes [the president and COO of Time Warner] and I believe that this is the
right decision for the company.

HBO’s COO, Bill Nelson, will assume Albrecht's duties on an
interim basis until the appointment of a new CEO.