Shearman & Sterling represented Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated as joint book-running managers in connection with a shelf takedown of $ 1.4 billion aggregate principal amount of 4.875% Notes due 2020 and $600 million aggregate principal amount of 6.200% Debentures due 2040 of Time Warner Inc. The notes and debentures are guaranteed by certain of Time Warner's domestic subsidiaries.

The following Shearman & Sterling team advised the underwriters in the transactions: partners Lisa Jacobs (New York-Capital Markets) and Craig Gibian (Washington, DC-Tax); associates Carmen Wong (New York-Capital Markets), Joe Sasanuma (New York-Capital Markets), Felipe Camara (New York-Capital Markets) and Gerald Feige (Washington, DC-Tax); and legal assistant Kristi Anne Nadvornik (New York-Capital Markets).