Axel Springer Chief Joins Time Warner Board

NEW YORK, July 31: Mathias Dopfner, the chairman and CEO of
German publishing giant Axel Springer, has been appointed to Time Warner’s
board of directors.

Dick Parsons, the chairman and CEO of Time Warner, said of
the appointment, "Mathias Dopfner has done a terrific job of running one
of the leading media companies in Europe, which is a key region of growth and
opportunity for our company. In doing so, he has emerged at the top of a new
generation of media industry leaders. He has a deep understanding of the
challenges and opportunities facing media businesses around the world as well
as the intelligence and character to enable him to serve the interests of our
shareholders effectively."

Dopfner becomes the 12th member of Time Warner's Board. His
election is part of the company's previously announced plan to add two new
independent directors to its board.