Bewkes Joins Time Warner Board

NEW YORK, January 26: Time Warner’s president and COO, Jeff
Bewkes, has been elected to the company’s Board of Directors, as has Motorola’s
chairman and CEO, Edward J. Zander.

Bewkes elevation to the board further strengthens
speculation that he is being lined up to succeed the company’s current chairman
and CEO, Dick Parsons. "Jeff Bewkes has been a highly effective partner as
we've worked together in turning Time Warner around and setting it firmly on a
path of sustainable growth,” Parsons said. “As COO, Jeff's been a superb leader
of our businesses, driving the AOL transition, encouraging superior performance
across the company, and working to realize our full potential, especially in
the advancement of our digital capabilities. His intimate knowledge of our
company and industry, along with his intelligence, energy and character, will
make him a valuable addition to our Board.”

Of Zander, meanwhile, Parsons commented: “In addition to
enhancing our Board's independence, Ed brings recognized expertise in mobile
and broadband communications, which are among the key areas of growth and
opportunity for our company.”

With the election of Zander and Bewkes, Time Warner's Board
now has 14 members, six of whom have joined the Board since January 2004. The
other members of Time Warner's Board are Parsons, James L. Barksdale, Stephen
F. Bollenbach, Frank J. Caufield, Robert C. Clark, Mathias Dopfner, Jessica P.
Einhorn, Reuben Mark, Michael A. Miles, Kenneth J. Novack, Francis T. Vincent,
Jr. and Deborah C. Wright.