Shearman & Sterling represented the underwriters, led by Citigroup, Goldman, Sachs & Co., J.P. Morgan and UBS Investment Bank as the joint book-running managers, in connection with a shelf takedown of $500 million aggregate principal amount of 4.00% Notes due 2022 and $500 million aggregate principal amount of 5.375% Debentures due 2041 of Time Warner Inc. The Notes and Debentures are guaranteed by certain of Time Warner's domestic subsidiaries. Time Warner is a leading media and entertainment company that specializes in cable television programming, films, and publishing. The company plans to use the proceeds for general corporate purposes.

The Shearman & Sterling team advising the underwriters included partners Lisa Jacobs (New York-Capital Markets), Robert Treuhold (New York-Capital Markets), Craig J. Gibian (Washington, DC-Tax), and Russell Sacks (New York–Financial Institutions Advisory & Financial Regulatory) and associates Fraser Hartley (New York-Capital Markets), Dora Athanasiadou (New York-Capital Markets), Brian Calandra (New York-Capital Markets), Gerald Feige (Washington, DC-Tax), Steven Blau (New York-Financial Institutions Advisory & Financial Regulatory) and Shriram Bhashyam (New York-Financial Institutions Advisory & Financial Regulatory).