Shearman & Sterling represented solicitation agents Banc of America Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. in Time Warner’s successful solicitation of bondholder consents to amend the terms of approximately $12.3 billion aggregate principal amount of outstanding debt securities. The consent solicitation included a registered offering of a guarantee by Home Box Office Inc., which will be issued for the benefit of existing bondholders if Time Warner takes advantage of the amended covenant in each of the debt securities that lifted restrictions on the transfer by AOL LLC of its properties and assets. The amendments became effective April 20, 2009.

The following Shearman & Sterling team advised the solicitation agents in the transactions: partners David Beveridge (New York-Capital Markets), Jason Lehner (New York-Capital Markets) and Donald Lonczak (Washington, DC-Tax) and associates Carl McCarthy (New York-Capital Markets), Stephen Ashley (New York-Capital Markets), Christopher Rosado (New York-Capital Markets), Jason Gao (New York-Capital Markets) and Wade Sutton (Washington, DC-Tax).

For more information, please contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |