Time Warner Will Sell AOL France

NEW YORK, September 22: Time
Warner announced it has agreed to sell AOL France's Internet access business to
Neuf Cegetel, a French telecommunications network operator, for about $365
million in cash.

Under the terms of the
agreement, Neuf Cegetel will acquire AOL’s Internet access business in France,
including its 500,000 broadband customers. The French company will also acquire
its ASME operation, which manages AOL France's customer service operations.

Starting
in 2007, AOL will provide content and manage online advertising sales for all
of Neuf Cegetel's Internet portals. AOL and Neuf Cegetel will share advertising
and other revenue from the sites. The French version of AOL will continue to
operate. According to Time Warner, the two companies' sites combined attract
about 9 million unique visitors per month.

This
announcement came just days after Time Warner made public that it is also selling
its AOL business in Germany and will also dispose of its stake in American
communications subsidiary Time Warner Telecom. These deals will reportedly
generate more than $1.4 billion.