Time Warner Offloads Baseball Club to Liberty Media

ENGLEWOOD/NEW YORK, May 17: Liberty Media Corporation has
exchanged approximately 68.5 million shares of Time Warner common stock for the
Atlanta Braves baseball team, Time Inc.'s Leisure Arts (a publisher of
lifestyle interest "how-to" books) and $960 million in cash.

Time Warner's acquisition of its stock from Liberty
completes its previously announced $20 billion stock repurchase program.
Liberty has retained approximately 103 million shares, or about 2.8 percent of
Time Warner common stock.

"We are pleased with the successful conversion of these
Time Warner shares as this transaction enhances our financial and strategic
flexibility," Liberty Chairman John Malone said. "We are pleased with
the value created for our shareholders from our ownership of Turner
Broadcasting and Time Warner."

Time Warner’s chairman and CEO, Dick Parsons, noted:
"This transaction marks an important advance in our commitment to deliver
greater value to our shareholders. It not only helps to streamline our
portfolio of assets as we focus on our core businesses, but also enables us to
effectively complete our $20 billion share repurchase program. With our thanks,
we wish the people of the Atlanta Braves and Leisure Arts the best in the
future."