Time Warner Cable Goes Public

NEW YORK/STAMFORD, February 13: Time Warner announced today
that its cable business, Time Warner Cable, has become a public company, with
Class A common stock expected to be listed on the New York Stock Exchange,
under the TWC symbol, beginning March 1.

Time Warner has been planning to take TWC public since
teaming with Comcast Communications last year to acquire bankrupt cable
platform Adelphia Communications Corporation. Adelphia received shares of Time
Warner Cable Class A common stock on July 31, 2006 as part of the payment for
those systems. These shares will be distributed by Adelphia to its stakeholders
in accordance with its Chapter 11 plan, starting within the next few days.

Dick Parsons, the chairman and CEO of Time Warner, commented,
“We believe Time Warner Cable is positioned to compete successfully in the
fast-growing cable sector and to increase value for the shareholders of Time
Warner and Time Warner Cable."

Glenn Britt, the president and CEO of Time Warner Cable,
added, "Becoming a public company is the latest step in creating a Time
Warner Cable with greater scale, improved subscriber clusters, stronger growth
opportunities and enhanced strategic flexibility. Our aggressive integration
efforts of the newly acquired systems are ongoing, and we're making progress
toward preparing these systems to offer Time Warner Cable's advanced
services."