New York, November 13 - Shearman & Sterling represented Banc of America Securities LLC, Barclays Capital Inc., BNP Paribas Securities Corp. and Greenwich Capital Markets, Inc. as joint bookrunning managers in connection with a shelf registration and subsequent takedown of $5 billion investment grade floating rate notes, two series of fixed rate notes and a series of debentures of Time Warner Inc.  The proceeds from the offering will be used to refinance existing indebtedness and for general corporate purposes, including repurchases of Time Warner’s common stock.

The debt securities will be guaranteed by TW AOL Holdings Inc. and Historic TW Inc.  In addition, Time Warner Companies, Inc. and Turner Broadcasting System, Inc. will guarantee the obligations of Historic TW Inc. under its guarantee.

Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.