time warner 2007 Factbook

BUILDING BRANDS FOR A DIGITAL WORLD
2007 PROFILE
One Time Warner Center
New York, NY 10019-8016
www.timewarner.com

01 A Message From Chairman &
CEO Richard D. Parsons and
President & COOJeffrey L. Bewkes
04 Making the Most of Our Digital
Opportunities
10 AOL
Building a Better Broadband
Experience
AOL is a leading global Web services
company with a substantial and growing
worldwide audience, a suite of powerful
Web brands, industry-leading products
and one of the largest and fastest-growing
advertising networks in the country.
12 Time Warner Cable
Bringing Digital Home
Time Warner Cable is the second-largest
cable operator in the U.S. and an industry
leader in developing and launching
innovative video, data and voice services.
14 Warner Bros. Entertainment
An Entertainment Leader
Warner Bros. Entertainment is a worldwide
leader in creating, producing, distributing,
licensing and marketing feature films,
television shows, home video, animation
andotherformsofentertainment.
16 New Line Cinema
40 Years ofVision and Creativity
New Line Cinema is one of the world’s most
successful independent film companies,
focused on building a branded, diversified
library through the development and
production of films that have global appeal,
with a special emphasis on the creation of
valuable franchises.
18 Time Inc.
Trusted Editing, Best Brands
in the Business
Time Inc. is one of the largest content
companies in the world. With a portfolio
of approximately 130 titles, including
some of the world’s most popular, powerful
and trusted brands, it is the largest
magazine publisher in the U.S. and U.K.
and the third-largest publisher in Mexico.
Time Inc.’s popular brands and successful
franchises extend to online, television,
cableVOD, satellite radio, mobile devices,
events and branded products.
20 Turner Broadcasting System
Best in Entertainment, Animation
and News
Turner Broadcasting operates worldwide
entertainment, animation and news
networks and businesses whose
performances led their respective
industry segments in 2006, including
TNT, Adult Swim, CNN and CNN.com.
22 Home Box Office
It’s NotTV. It’s HBO.
America’s most successful premium
television company, Home Box Office
delivers two 24-hour pay television
services—HBO and Cinemax—to
over 40 million U.S. subscribers.
Internationally, the subscription video
on demand products, HBO On Demand
and HBO Mobile, along with branded
joint ventures, bring HBO services to over
50 countries. HBO programming is also
sold into over 150 countries worldwide.
24 Corporate Social Responsibility
25 People
26 Businesses at a Glance
28 Senior Operating Executives
30 Board of Directors
31 Senior Corporate Executives
32 Corporate Governance
33 Corporate Information
Cover images from top left to right:
HBO branding on mobile devices,Time Warner Cable’s
On Demand service,TMZ.com—AOL and Warner Bros.’
Telepictures Productions’ breaking celebrity news Web
site,Time Inc.’s SI.com’s 2007 Swimsuit Edition via
video download, CNN.com’s branded mobile news,
Time Warner Cable’s Digital Cable remote control,
Warner Bros. Pictures’ Harry Potter and the Order
of the Phoenix through digital download, New Line
Cinema’s Rush Hour 3 via AOL’sVideo portal.
Visit us online at www.timewarner.com
Caution Concerning Forward-Looking Statements
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.These statements are based
on management’s current expectations and beliefs and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially
from the expectations contained herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors. More detailed
information about those factors is set forth in filings byTime Warner with the United States Securities and Exchange Commission, includingTime Warner’s most
recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.Time Warner is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Photo Credits
Cover—Cover image composite photography by Dan Bigelow. The Sopranos image in cell phone/Craig Blankenhorn. Pg. 5—Curb Your Enthusiasm image/John P.
Johnson. Pg. 7—Happily Ever After/Courtesy of HBO. Pgs. 7 & 9—product photography/Dan Bigelow. Pg. 17—Hairspray: ©2007 DavidJames/New Line Cinema.
The Golden Compass: ©2007 Laurie Sparham/New Line Cinema. El Cantante: Eric Liebowitz. Real Wedding Crashers:Tana Hayes. Rendition: ©2007 Sam Em-
erson/New Line Cinema ©2007. Pg. 21—NBA onTNT:Jake Herrie—TM & ©Turner NetworkTelevision. Hondo, starringJohn Wayne:Turner Classic Movies. Class
of 3000: ©2006 Cartoon Network. The Closer: Andrew Eccles—TM & ©Turner NetworkTelevision. The Situation Room with Wolf Blitzer: Mark Hill—©2006 Cable
News Network. Veryfunnyads.com: ©Turner Broadcasting System, Inc. POGO: ©The Cartoon Network. Pg. 23—John from Cincinnati/John P.Johnson. Entourage—
HBO On Demand/Claudette Barius, Big Love/Ron Batzdorff. The Sopranos/Craig Blankenhorn. Pg. 24—Time Warner Philanthropy Report cover—josephmoran.com.
Pg. 25—Breakthrough Leadership—Ira Wyman. Asia Pacific Leadership Meeting—Chris Lusher.
Sandy Alexander, an ISO 14001:2004 certified printer with Forest Stewardship Council (FSC) Chain of Custody certification, printed this report with the use of 100
percent Green-e certified wind energy resulting in nearly zero volatile organic compound (VOC) emissions.This document was printed on paper that contains at
least 10% post-consumer materials and FSC certified.
ALLTRADEMARKS AND SERVICE MARKS REFERENCED HEREIN ARE OWNED BYTHE RESPECTIVETRADEMARK OR SERVICE MARK OWNERS. ©2007Time Warner Inc.
Published May 2007.
CORPORATE INFORMATION
Time Warner Inc.
NYSE:TWX
www.timewarner.com
Corporate Headquarters
OneTime Warner Center
New York, NY 10019-8016
General Information
212.484.8000
Investor Relations
866.INFO.TWX
866.463.6899
AOL Keyword: IR
www.timewarner.com/investors
ir@timewarner.com
Media Relations
212.484.7492
Visit us online at:
www.timewarner.com
DesignbyStraightlinewww.straightlinenyc.com

Time Warner 2007 Profile 1
A MESSAGE FROM
CHAIRMAN & CEO RICHARD D. PARSONS AND
PRESIDENT & COO JEFFREY L. BEWKES
Time Warner delivered an impressive year in 2006, and we
are well positioned to capitalize yet again in 2007 on this
company’s exciting potential. In fact, despite competing in
rapidly evolving industries, we have never been more confident
that Time Warner is on the right path to generate sustainable
long-term growth for the benefit of our shareholders.
Among our most significant accomplishments in 2006 were:
• Meeting our company’s full-year financial objectives;
• Completing our acquisition of the Adelphia and Comcast
cable systems and enabling Time Warner Cable to become
a publicly traded company;
• Shifting AOL’s strategy to focus resources on its growing
online advertising business;
• Launching what we believe are more digital initiatives than
any of our diversified media and entertainment peers;
• Expanding our stock repurchase program to a total of $20
billion and increasing our quarterly dividend by 10%; and
• Continuing to produce the world’s best entertainment
and journalism, which earned ten Oscars® in 2007—more
than any other company—as well as the National
Magazine Award’s top honor and many Emmys®, among
other accolades.
We owe these significant achievements to our robust execution
against the company’s strategy. We believe that pursuing
the same strategic priorities will drive our future financial and
operational successes.
First among our strategic goals is making sure that we’re in
the right businesses. That means directing our investments to
our most competitively well-positioned companies, which also
have attractive growth prospects and fit well with our other
operations. In 2006, the greatest change to our portfolio of
businesses was our cable acquisition, which increased Time
Warner Cable’s footprint by almost one-third and opened the
way for 16% of the cable company’s total outstanding common
shares to be publicly traded under the “TWC” symbol on the
New York Stock Exchange. Just as we invested in our new and
existing businesses, we also moved in 2006 to divest more
than $4 billion of non-core assets—including our European
Internet access businesses in line with the new AOL strategy.
As we go forward, we’ll continue to allocate our capital
efficiently to enable us to focus more closely on our most
promising opportunities in the U.S. and internationally.
Our second strategic priority is to keep running our businesses
at the highest possible level, including cross-company collabo-
rations, to extend our leading competitive positions. For us, that
starts with meeting and exceeding our annual financial objec-
tives. Critical to achieving these targets will be our continued
execution against AOL’s new strategy, with its focus on offering
a full range of free products to build AOL’s audience and adver-
tising revenue. The early results of this new strategy have been
encouraging, with AOL’s advertising revenue growing faster in
the second half of 2006 than the industry average. Another
crucial effort will be—as we integrate Time Warner Cable’s new
systems in 2007—selling our innovative video, data and Digital
Phone services to millions of new customers as well as intro-
ducing compelling new offerings. And we’ll keep doing what it
takes to keep our other businesses on top—from our success-
ful Turner and HBO networks to Time Inc.’s legendary brands
and the dynamic Warner Bros. and New Line Cinema studios.
There’s no more important strategic priority for our
businesses’ future success than making the most of the
growing digital opportunities. We’re leaders in creating digital
content, with the #1 online news site (CNN.com), #1 business
site (CNNMoney.com) and the two leading celebrity sitesTIME WARNER IS ON
THE RIGHT PATH TO
GENERATE SUSTAINABLE
LONG-TERM GROWTH
FOR THE BENEFIT OF OUR
SHAREHOLDERS.

2 Time Warner 2007 Profile
(TMZ.com and People.com). We’re among the pioneers in
digital distribution over a full range of outlets—whether mobile
phones, such as HBO and CNN distributing their programming
in the U.S. and internationally; digital television, including
Time Warner Cable’s Start Over service; or downloads, with
Warner Bros. and New Line content available on Walmart.com,
BitTorrent and other sites. In addition, Warner Bros. is driving
the campaign for dual-format high-definition DVDs. In the
“Making the Most of Our Digital Opportunities” section of this
Profile, you’ll read how these and our other initiatives have
gained real traction and we’re accelerating their development
in the future.
Finally, we’re committed to managing our finances to grow
our businesses and deliver value directly to our shareholders.
Even as we invest billions of dollars in building our current
businessesandacquiringnewones,weexpecttocomplete
our $20 billion stock repurchase program in the first half of
2007. Once it ends, we anticipate having repurchased about
25% of the company’s stock outstanding at the beginning of
the program. And we’re working with our Board of Directors to
determine how best to allocate our excess financial capacity
in the future. We also plan to continue our quarterly cash
dividend, which returned nearly $900 million to our shareholders
in 2006. At the same time, we’ll continue our company-wide
cost reduction program that aims to save $1 billion over the two
years starting in 2006. We believe all of our hard work against
our strategy has contributed to improvements in our stock
price in 2006. But we are by no means satisfied, and we are
dedicated to redoubling our efforts to build even more value for
our shareholders.
THERE’S NO MORE
IMPORTANT STRATEGIC
PRIORITY FOR OUR
BUSINESSES’ FUTURE
SUCCESS THAN MAKING
THE MOST OF THE
GROWING DIGITAL
OPPORTUNITIES.
JEFFREY L. BEW KES
President and
Chief Operating Officer
RICHARD D. PARSONS
Chairman of the Board and
Chief Executive Officer
There’s much more to Time Warner, of course, than simply
dollars and cents. Our company stands above all others for the
quality of the journalism and entertainment that we deliver
around the world. Beyond our successes at the 2007 Academy
Awards®, HBO’s 26 Emmys® in 2006 led all other broadcast
and cable networks for the fourth straight year. Also earning
well-deserved Emmy® recognition were Warner Bros. Television,
Telepictures Productions, Warner Bros. Animation, CNN, TNT,
Cartoon Network and Turner Classic Movies, as well as Time
Warner Cable and AOL. In addition, TIME magazine brought home
the top 2006 honor from the National Magazine Awards, and
four of Time Inc.’s Web sites won 2007 Digital Awards from the
Magazine Publishers of America. We have every confidence that
we’ll continue to see this level of achievement and more in
the future.
With the same dedication, Time Warner will keep pursuing
its corporate responsibility commitments. Our philanthropy
focuses on raising the academic achievement of students
from underrepresented backgrounds as well as supporting
organizations that nurture creativity and diversity in the arts.
By aligning our corporate citizenship with our business goals
and values, we enhance our capacity to do well while doing
good at the same time.
We’ll close by thanking those responsible for everything
Time Warner accomplishes—the tremendous women and men
who work for this company. We’ll continue to invest in them,
our most important asset, making our workforce more diverse
and developing our next generation of leaders. The creativity,
loyalty and hard work of our people make all the difference.
With their continued support, we’re confident that we’ll extend
our leadership as the premier media and entertainment
company in the world.

PortraitbyTimothyGreenﬁeld-Sanders

MAKING THE MOST OF
OUR DIGITAL OPPORTUNITIES
LEVERAGE THE POWER OF OUR BRANDS ACROSS
ALL PLATFORMS
Strong brands have proved able to cut through the cluttered digital
environment to success, andTime Warner’s many entertainment and
media brands are among the industry leaders.
One example of the power of our brands in 2006 was CNNMoney.com,
a joint venture betweenTime Inc. andTurner Broadcasting. Less than
a year after its relaunch, CNNMoney.com finished 2006 as the leading
vertical business and financial Web site in unique visitors and page
views. And we’ve seen much the same exciting story unfold with many
of our other brands online, such asTIME.com, Cartoonnetwork.com
and CNN.com over the past several years.
Not only do we extend winning brands from traditional to digital media,
but we also know how to create new brands for the Internet.TMZ.com
andTime Inc.’s People.com are the top two online destinations for
celebrity news. People.com leads all competitors in page views, while
TMZ.com, a joint venture between AOL and Warner Bros.’Telepictures
Productions, has quickly climbed to the top in unique visitors. And, in
an interesting monetization of an Internet brand,TMZ.com is expand-
ing to traditional media as a syndicatedTV show. In another Internet
collaboration, AOL and HBO have teamed up on a broadband venture—
THISJUSTIN.com—to offer a unique perspective on news, politics and
pop culture.
In addition, we’re making our brands available on other digital platforms.
Turner’s CNN.com ranks #1 among all mobile news providers in total
users, just as it leads all stand-alone news sites in reach and engage-
ment. Recognized withTime Warner Cable for deploying the first
premium subscription video on demand products (SVOD) in the U.S.,
HBO has extended its brand with the introduction of its HBO Mobile
and HBO Family Mobile services worldwide. Similarly, AOL is putting
such popular online brands as MapQuest and AIM on mobile services.
And New Line Cinema is developing a video game—adapted from the
studio’s planned December 2007 release, The Golden Compass—for
multiple platforms.
No company has more ingredients for success in
the digital arena than Time Warner. We have the
leading brands in multiple industries; our libraries
of content are second to none; we have expertise in
utilizing the latest technologies; and we recognize
that our future growth depends on all of our busi-
nesses continuing their outstanding digital progress.
We believe that Time Warner companies have
launched more digital initiatives than any other
diversified media company. In developing and
deploying our digital products and services,
we have focused on four principles:
• Leverage the power of our brands across
all platforms;
• Distribute our digital products and services
everywhere;
• Expand and engage our audiences to grow
revenues; and
• Manage our digital rights effectively.
“IN AN AGE OF SO MUCH INFORMATION, TIME INC.’S
POPULAR BRANDS AND STRONG FRANCHISES ARE
MORE IMPORTANT THAN EVER. THROUGH THE
STRENGTH OF OUR TITLES AND OUR DIGITAL
TECHNOLOGIES—INCLUDING MOBILE, ONLINE VIDEO
AND VOD—TIME INC. WILL CONTINUE TO GROW AS
A TRUSTED AND INNOVATIVE CONTENT COMPANY,
DELIVERING NEWS, INFORMATION AND ENTERTAINMENT
HOWEVER CONSUMERS DEMAND IT.”
ANN S. MOORE
Chairman and CEO, Time Inc.

HBO BRANDING
ON MOBILE DEVICES
TMZ.COM, THE BREAKING CELEBRITY NEWS
BRAND CREATED FOR THE INTERNET
PEOPLE.COM LEADS COMPETITORS
IN PAGE VIEWS
LEVERAGING OUR
BRANDS ACROSS
ALL PLATFORMS
CNN.COM BRANDED
MOBILE NEWS

“OUR COMPANY LED THE INDUSTRY THROUGH THE FIRST WAVE OF THE TRANSITION TO
DIGITAL MEDIA WITH THE DVD, AND BY UTILIZING OUR RESOURCES AND EXPERTISE, WE ARE
POISED TO TAKE THE SAME INDUSTRY-LEADING ROLE ACROSS TODAY’S DIGITAL LANDSCAPE.
FROM CONTENT CREATION TO NEW DISTRIBUTION PLATFORMS, DIGITAL CINEMA TO ANTI-
PIRACY OPERATIONS, WARNER BROS. IS A LEADER IN DEVELOPING NEW ENTERTAINMENT
TECHNOLOGIES AND BUSINESS MODELS.”
BARRY M. MEYER
Chairman and CEO, Warner Bros. Entertainment Inc.
MAKING THE MOST OF
DISTRIBUTE OUR DIGITAL PRODUCTS
AND SERVICES EVERYWHERE
It’s critical to make our digital content ubiquitous, as available as
possible to consumers through multiple partners, rather than limit
its distribution to exclusive arrangements.
Just as Warner Bros. has long pursued the strategy of distributing
its programming widely—including one or more shows on every
broadcast network—all of our content companies seek to make their
product available through as many outlets as possible.
For example, Warner Bros. and New Line now offer digital downloads
or electronic sell-through of movies and TV shows worldwide via
Wal-Mart.com, Microsoft’s Xbox Live (TV), iTunes, Guba and BitTorrent.
To distribute over video on demand and pay per view, Warner Bros.
and New Line work with U.S. cable operators as well as overseas
providers. Similarly, HBO, whose On Demand products continue
to be the most popular SVOD services in the U.S., has introduced
its HBO On Demand services over multiple outlets internationally.
Our studios are also taking steps to speed the adoption of digital
cinema systems to deliver a better audience experience at lower
costs. And AOL is opening its software to outside developers, which
helps put its products in front of more consumers—wherever they
are on the Internet.
Underscoring the value of open distribution, Sports Illustrated’s
SI.com has proved to be one of Time Inc.’s most successful Internet
brands. In 2006, Sports Illustrated nearly tripled the proﬁt growth
of its digital venture, which contributed signiﬁcantly to the fran-
chise’s bottom line. To extend the reach of SI.com, we continued to
expand its distribution substantially through pacts with Yahoo! and
NBCSports.com in addition to AOL.
“IN TODAY’S DIGITAL MARKETPLACE, NEW LINE
CINEMA CONTINUES TO BE ACUTELY RESPONSIVE TO
CONSUMER DEMAND AND REMAINS AT THE FOREFRONT
IN CREATING COMPELLING ENTERTAINMENT FOR A
WORLDWIDE AUDIENCE.”
ROBERT SHAYE AND MICHAEL LYNNE
Co-Chairmen and Co-CEOs, New Line Cinema Corporation
“TELEVISION IS AND WILL CONTINUE TO BE TURNER
BROADCASTING’S CORE BUSINESS, BUT OUR FUTURE
IS IN BUILDING BRANDED MEDIA ENVIRONMENTS FOR
CONSUMERS WHEREVER AND HOWEVER THEY ACCESS
NEWS, ENTERTAINMENT AND ANIMATION.”
PHILIP I. KEN T
Chairman and CEO, Turner Broadcasting System, Inc.

DISTRIBUTE DIGITAL
PRODUCTS AND SERVICES
EVERYWHERE
BUILD DISTRIBUTION
VIA PARTNERSHIPS
DIGITAL DOWNLOADS THROUGH
MULTIPLE PARTNERS
HBO ON DEMAND ON MULTIPLE CABLE
AND OTHER DISTRIBUTION SYSTEMS

MAKING THE MOST OF
EXPAND AND ENGAGE OUR AUDIENCES
TO GROW REVENUES
In the digital arena, growth comes from increasing audience
reach and engagement, and then efficiently monetizing this
audience to grow revenues.
To capitalize on this opportunity, AOL shifted its strategic focus
in 2006 to becoming an advertising-supported Web services
business—offering e-mail, software, content and a suite of
services for free to retain its current audience as well as attract
and engage new users. Results so far have been strong. At the
same time, AOL has greatly improved its ability to monetize
this audience through advertising sales on its own network,
Advertising.com’s partner sites and AOL’s strategic partnership
with Google. And, as part of its global expansion plans,
AOL launched a new portal—AOL.in—in India for the rapidly
expanding online audience there.
Also aiming to increase its audience reach and engagement,
Warner Bros. is seeking to accelerate consumer acceptance
of high-definition DVDs. By supporting both formats—HD DVD
and Blu-ray—we aim to drive down consumer hardware prices
by creating competition among manufacturers and revitalizing
this important industry sector.
Time Warner Cable’s On Demand, Start Over and other time-
shifting products as well as its interactive television resources
are also helping to maximize audience and revenues. Time
Warner Cable helped pioneer these offerings and now provides
thousands of hours of On Demand programming. Start Over,
a technology enabling customers to restart TV shows already
in progress, earned a 2006 Emmy® for innovation and is being
rolled out in approximately half of our divisions in 2007. And,
capitalizing on its interactive television capabilities, Time Warner
Cable’s Active Advertising enhances our ability to monetize
these expanded audiences.
MANAGE OUR DIGITAL RIGHTS EFFECTIVELY
Criticaltothesuccessofthesefirstthreeprinciplesismanaging
our digital rights effectively. As a leading developer as well
as distributor of digital content, we fully appreciate that it’s
important to offer consumers the widest variety of options in
how they receive our content and to maximize the benefits of
new distribution technologies.
Digital rights management (DRM) opens the door for our divisions
to offer consumers more choices and flexibility. By using DRM,
forexample,wecanenableourcustomerstoacquireapermanent
copy of a film or television show, preview it with an option to
buy a copy later, enjoy it through video on demand, or acquire
additional copies to use on portable devices. This way, consum-
ers can buy what they want—how and when they want it—and
our divisions can price and support their offerings appropriately.
Our businesses excel at protecting the rights of those who
produce and distribute creative work while harnessing the
potential of new technologies for distributing our digital content
as widely as possible. We seek business solutions that secure
our digital rights while supporting new distribution technologies,
and we’re committed to pursuing a full range of legal, public
policy, technological and consumer education initiatives to
protect our copyrights and other intellectual property assets,
as appropriate.
All of these principles highlight the tremendous promise of
our many digital initiatives and how we aim to turn them into
major financial contributors. For Time Warner, there is no higher
priority than successfully pursuing these principles. If we
do, we’re confident that Time Warner will continue to build its
leadership in the digital sphere and to reshape the industries in
which we compete.
“EVERYTHING WE DO AT TIME WARNER CABLE
FOCUSES ON EARNING OUR CUSTOMERS’ BUSINESS
AND CONTINUING LOYALTY ON A DAILY BASIS. ALL
OF OUR NEW PRODUCTS AND SERVICES ARE DESIGNED
TO MAKE OUR CUSTOMERS’ LIVES EASIER AND RICHER
IN TERMS OF ENTERTAINMENT, COMMUNICATIONS
AND INFORMATION.”
GLENN A. BRITT
President and CEO, Time Warner Cable Inc.
“AOL AIMS TO SERVE THE LARGEST AND MOST ENGAGED
COMMUNITY WORLDWIDE BY BUILDING BREAKTHROUGH
PRODUCTS, LAUNCHING INNOVATIVE PROGRAMMING
EXPERIENCES AND SEPARATING ITSELF IN THE
MARKETPLACE THROUGH A DEEP COMMITMENT TO
ITS ADVERTISING PARTNERS.”
RANDY FALCO
Chairman and CEO, AOL LLC

EXPAND AND
ENGAGE AUDIENCES
TO GROW REVENUES
TOTAL HI DEF DISCS SUPPORT BOTH
HD DVD AND BLU-RAY FORMATS
AOL’S VIDEO PORTAL
ENGAGES USERS
AOL’S MAPQUEST BRAND EXTENDED
TO MOBILE USERS
START OVER TIME-SHIFTING
SERVICE EXPANDS USAGE
INTERACTIVE TELEVISION SERVICES
LIKE FANTASY BASEBALL TRACKER

AOL
BUILDING A BETTER BROADBAND EXPERIENCE
AOL IS A LEADING GLOBAL WEB SERVICES COMPANY WITH A SUBSTANTIAL AND GROWING WORLDWIDE AUDIENCE, A SUITE OF
POWERFUL WEB BRANDS, INDUSTRY-LEADING PRODUCTS AND ONE OF THE LARGEST AND FASTEST-GROWING ADVERTISING NETWORKS
IN THE COUNTRY.
* For the quarter ended March 31, 2007.
CORE STATISTICS*
111 million
Average domestic monthly unique
visitors to the AOL network of
Web properties
44 billion
Domestic page views for the AOL
network of Web properties
1.8 billion
Instant messages sent across AOL’s
messaging networks (AIM and ICQ)
each day
1.5 billion
Approximate number of spam
e-mails blocked daily
In 2006, AOL shifted its strategy to build on these strengths,
making its popular e-mail and AOL software, along with other
services, available free to Web users. AOL continues to move
forward on this strategy in 2007, with a focus on growing the
size of its online audience, increasing the engagement of its
users and improving its ability to monetize its Web audience.
AOL’s network of Web properties is one of the top three
networks in the U.S. Users are drawn to the robust AOL.com
portal—which in 2006 launched customized versions for
Chinese Americans and Latin Americans—as well as to AOL’s
suite of popular destinations. MapQuest, for example, is the
leading U.S. provider of online maps and directions. AIM is
the #1 messaging service in the U.S. Other successes
include TMZ.com (developed in partnership with Warner Bros.’
Telepictures Productions), which quickly rose to become the
#1 domestic celebrity site on the Web, and In2TV (a joint
venture between AOL and Warner Bros.), which makes
thousands of classic TV shows available free and on demand.
To capitalize on the growing demand for online video, AOL
continues to improve the AOL Video portal, launched in 2006,
to bring together content from leading brands, user-created
video, pay-per-download feature films and full-length TV shows.
AOL also has an industry-leading video search product, powered
by company-owned Truveo, that provides access to millions of
up-to-date videos on the Web.
AOL continues to improve on the essentials of the Web
experience. The new AOL Local search tool, for example,
provides users with quick access to information about the
locations of local restaurants, bars and other businesses.
AOL also recently launched an upgrade to its AIM software,
which a February 2007 technology review column in The Wall
Street Journal concluded was the best instant messaging
service available. The company continues to upgrade its
Webmail experience and improve offerings for safety and
security, storage, pictures and other areas.
AOL also has one of the largest and most effective advertis-
ing operations on the Web. AOL’s 2006 advertising revenues
were 41% higher than 2005’s. And in the first quarter of 2007,
ad revenues climbed 40%, compared with the first quarter of
2006. With Advertising.com, AOL not only has one of the largest
owned-and-operated networks of Web sites, but it also has the
largest third-party display advertising network in the country.
And thanks to its strategic partnership with Google, AOL can now
offer advertisers a full suite of advertising options, from display
to pay-for-performance to search-related text-based ads.
AOL operates one of the largest Internet subscription
businesses in the U.S., with 12 million domestic subscribers
at the end of the first quarter of 2007.
Finally, AOL continues to grow on a global basis as a Web
services business. AOL sold its Internet access businesses in
France, the U.K. and Germany so it could focus on providing
Web services in those countries. It recently launched portals in
India, The Netherlands and Austria, and it continues to explore
opportunities elsewhere in Europe and Asia.

BUILDING A BETTER
BROADBAND
EXPERIENCE
TMZ.COM—THE #1 CELEBRITY
NEWS WEB SITE
MAPQUEST MOBILE
AOL’S VIDEO PORTAL
AOL’S DIVERSE NETWORK
OF WEB OFFERINGS
AIM, THE #1 INSTANT
MESSAGING SERVICE IN
THE U.S.

TIME WARNER CABLE
BRINGING DIGITAL HOME
TIME WARNER CABLE IS THE SECOND-LARGEST CABLE OPERATOR IN THE U.S. AND AN INDUSTRY LEADER IN DEVELOPING AND
LAUNCHING INNOVATIVE VIDEO, DATA AND VOICE SERVICES.
As of March 31, 2007, Time Warner Cable had cable systems
that passed approximately 26 million U.S. homes in well-
clustered locations and had approximately 14.7 million
customer relationships. Approximately 85% of the homes
passed were in one of ﬁve principal geographic areas: New York
State, the Carolinas, Ohio, Southern California and Texas.
In July 2006, as part of Time Warner Cable’s strategy to
expand its cable footprint and improve the clustering of its
cable systems, a subsidiary of Time Warner Cable, and Comcast
Corporation completed their respective acquisitions of sub-
stantially all the cable systems of Adelphia Communications
Corporation. Immediately after these acquisitions, Time
Warner Cable exchanged certain cable systems with Comcast.
Comcast’s interests in Time Warner Cable were also redeemed.
These transactions resulted in a net increase of approximately
3.2 million basic video subscribers served by Time Warner Cable’s
systems and resulted in it becoming the largest cable system
operator in the two largest U.S. cities, New York and Los Angeles.
Bundling continues to be an important part of Time Warner
Cable’s customer proposition. This strategy of marketing a
combination of video, high-speed data and voice services has
increased subscription revenues and reduced customer churn.
In 2006, Time Warner Cable launched more new products than
in any year in the company’s history. New features included
Quick Clips, which allows customers to easily access short-form
video content from programmers on their TVs; Fantasy Baseball
Tracker, which enables fantasy baseball fans to track their fan-
tasy teams and players on their TVs; PhotoShowTV On Demand,
which allows customers with Road Runner and Digital Cable to
upload their home videos and photos to a Time Warner Cable
Video On Demand channel; and new features and plans for Digital
Phone customers, such as state and local calling plans.
TimeWarnerCablealsocontinuedtherolloutofpopularservices
such as Start Over, which enables customers to restart TV
shows already in progress. Start Over won the 2006 Emmy®
Award for Outstanding Innovation and Achievement in Advanced
Media Technology for Best Use of On Demand Technology over
Private (Closed) Networks. As of March 31, 2007, Start Over had
been launched in ﬁve Time Warner Cable divisions.
In December 2006, Time Warner Cable and Sprint launched
Mobile Access in Austin, Texas and Raleigh, North Carolina. This
new service links Time Warner Cable’s video, Road Runner and
home Digital Phone services with a Sprint wireless phone. Mobile
Access, which has been branded “Pivot,” offers subscribers a
number of features, including the ability to watch select news,
sports, weather and entertainment channels; send and receive
e-mail from their Road Runner accounts; integrate home and
mobile voicemail systems; and make and receive unlimited calls
between the wireless phone and the home Digital Phone without
using wireless plan minutes.
Time Warner Cable plans to extend its strong momentum
through 2007 and beyond by concentrating on execution in both
its legacy and acquired systems and the continued roll out of
new, innovative products and services. Among the new products
being rolled out in 2007 is Time Warner Cable Business Class
Phone. This represents an important complement to its existing
commercial data and video offering. Time Warner Cable plans
to offer Business Class Phone to small- and medium-sized
businesses in most of its legacy footprint by the end of the year.
* As of March 31, 2007.
2.1 million
Digital Phone subscribers
6.5 million
Subscribers who buy two or
more services
CORE STATISTICS*
14.7 million
Customer relationships with at
least one of its various services
including video, high-speed data
and voice
13.4 million
Basic video subscribers
7.5 million
Digital video subscribers
7.0 million
Residential high-speed data
subscribers
1.7 million
Subscribers to the triple play of
video, high-speed data and voice

BRINGING DIGITAL HOME
INNOVATIVE VIDEO, DATA AND
VOICE SERVICES
ON DEMAND SERVICES MOBILE ACCESS SERVICE IN
PARTNERSHIP WITH SPRINT
START OVER SERVICE

WARNER BROS. ENTERTAINMENT
AN ENTERTAINMENT LEADER
WARNER BROS. ENTERTAINMENT CONTINUES TO BE A CREATIVE LEADER ACROSS ITS FILMED ENTERTAINMENT BUSINESS UNITS.
CORE STATISTICS
6
Number of Academy Awards®
presented to Warner Bros. Pictures
in 2007, including Best Picture for
The Departed and Best Animated
Feature for Happy Feet
6
Consecutive years (through 2006)
that Warner Bros. Pictures has
crossed the $1 billion mark at both
the domestic and overseas box office
900+
Comic book titles published in 2006
by DC Comics, which has been in
continuous publication for more
than 60 years
18.3%
Warner Home Video’s 2006 share of
U.S. consumer spending on DVD and
VHS—the most of any studio
1,900+
Various-length episodes of program-
ming produced by the Warner Bros.
Television Group for broadcast,
cable, wireless, Internet and digital
outlets for the 2006-2007 season
Facilitating a carefully managed transition from the analog
to the digital world is a key priority for the Studio, with a focus
on maintaining its leading position across businesses while
exploring and adopting, as appropriate, complementary next-
generation and new technologies and operating scenarios.
Warner Bros. Pictures was honored with six Academy Awards®
in February 2007, with The Departed named Best Picture and
Happy Feet named Best Animated Feature.
Between Warner Bros. Pictures and Warner Independent
Pictures, the company remains committed to releasing films
of all genres and budgets, including its tentpole releases.
In March 2007, Warner Bros. Pictures released 300; the film had
made more than $420 million at the worldwide box office by
the end of April. Other highlights of Warner Bros. Pictures’ 2007
release schedule include Ocean’s 13, Harry Potter and the Order
of the Phoenix, Fred Claus and I Am Legend. Warner Independent
Pictures’ 2007 releases include Introducing the Dwights,
In the Valley of Elah and Rails & Ties. The Studio is also active in
local-language film production around the world and since 1999
has released more than 230 of these films.
In 2006, Warner Home Video led the home entertainment
industry with 18.3% of U.S. consumer spending on DVD and VHS
sales, its sixth consecutive year as the leader in combined VHS
and DVD sell-through consumer spending. As part of its efforts
to promote mainstream consumer adoption of high-definition
technologies, Warner Home Video supports both the HD DVD
and Blu-ray formats and currently has the most offerings in
both formats among home video distributors.
The Warner Bros. Home Entertainment Group continues its
focus on maximizing current and next-generation distribution
scenarios for the Studio’s content. The Group is adapting the
company’s existing home video distribution infrastructures to
make great strides in the video-game space through Warner
Bros. Interactive Entertainment. It is also creating titles for the
direct-to-video audience, with Warner Premiere focusing on 10
to 15 releases a year.
The Warner Bros. Television Group encompasses production
and worldwide distribution of traditional and emerging-format
television programming. Warner Bros. Television, the industry’s
leading producer of prime-time series in 17 of the last 20 years,
primarily produces for the traditional broadcast networks
(including such hits as ER, Smallville, Cold Case, Without a Trace
and Two and a Half Men). Telepictures Productions is a force in
first-run series and produces such series as The Ellen DeGeneres
Show, Extra and The Tyra Banks Show. Warner Horizon Television
produces prime-time reality and lower-budget scripted series for
cable networks, and Warner Bros. Animation produces animated
series and direct-to-video releases.
The CW Network, a 50-50 joint venture between Warner Bros.
Entertainment and CBS Corporation, broadcasts a six-night,
13-hour prime-time lineup featuring hit programs such as
America’s Next Top Model, Gilmore Girls and Smallville.
DC Comics’ characters appear in comic book live-action and
animated series, direct-to-video releases, collectors’ books,
online entertainment, licensing and marketing deals, consumer
products, graphic novels and feature films.

THE ENTERTAINMENT
LEADER
I AM LEGEND
HARRY POTTER AND THE ORDER
OF THE PHOENIX
300
TWO AND A HALF MEN
TOTAL HI DEF DISC
SUPPORTING BOTH HD DVD
AND BLU-RAY FORMATS

NEW LINE CINEMA
Founded in 1967 by Co-Chairman and Co-CEO Robert Shaye,
New Line Cinema began as a small distribution company in New
York City. Shaye still runs the Studio, along with Co-Chairman
and Co-CEO Michael Lynne.
Over the past four decades, New Line has expanded to become
a multimedia company while creating some of the most
successful film franchises in history. Its most popular films
include A Nightmare on Elm Street, The Mask, Austin Powers,
Blade, Rush Hour, Elf and Wedding Crashers. The Studio’s
The Lord of the Rings trilogy grossed nearly $3 billion at the
worldwide box office and over $3 billion in consumer spending
in home entertainment and merchandising.
In 2006, New Line earned over $1 billion in revenue, and its
divisions in licensing and merchandising, music, international,
television and home entertainment performed solidly. This
year, the television division produced The Real Wedding
Crashers, a reality-based program for NBC based on the hit
movie. New Line’s licensing and merchandising unit partnered
with Sega to create a video-game adaptation of the highly
anticipated theatrical release The Golden Compass. New Line
also joined Microsoft’s Xbox Live video download service, where
new release titles and library films are available for digital rental
in HD and standard definition.
The Studio will release three major tentpole franchises in 2007.
In July, John Travolta, Michelle Pfeiffer and Queen Latifah star
in Hairspray, the major motion picture adaptation of New Line’s
Tony Award-winning musical, based on the original New Line
film directed by John Waters. Rush Hour 3, showcasing the
comedy duo of Chris Tucker and Jackie Chan, debuts in August.
And the fantasy film The Golden Compass, featuring Nicole
Kidman and Daniel Craig, the first of the projected His Dark
Materials trilogy, opens worldwide in December.
2007 includes a diverse slate of films across many genres,
includingTheNumber23,starringJimCarrey;thesci-fiadventure,
The Last Mimzy, directed by Robert Shaye; Fracture, with
Ryan Gosling and Anthony Hopkins; Rendition, starring Reese
Witherspoon, Jake Gyllenhaal and Meryl Streep; Love in the Time
of Cholera, directed by Mike Newell; Martian Child, starring John
Cusack; Mr. Woodcock, with Billy Bob Thornton; and Shoot ’Em Up,
featuring Clive Owen and Paul Giamatti.
Picturehouse, New Line’s joint venture with HBO established
in 2005, continues to thrive under Bob Berney. The studio
has released compelling independent films such as the
highly acclaimed A Prairie Home Companion and Academy
Award® winner Pan’s Labyrinth.
Coming up in 2007 for Picturehouse are El Cantante, starring
Jennifer Lopez and Marc Anthony; La Vie en Rose, a biopic based
on the life of Edith Piaf; and Gracie, starring Elisabeth Shue
and Dermot Mulroney, directed by Academy Award® winner
Davis Guggenheim.
Throughout its 40 years, New Line Cinema has represented
innovation and creativity, and continues to do so in today’s
digital marketplace. “Longevity with Vitality” has been the
company’s motto for decades, and New Line Cinema will
continue to be a leader in creating and developing entertainment
that resonates around the world.
40 YEARS OF VISION AND CREATIVITY
CELEBRATING ITS 40TH ANNIVERSARY THIS YEAR, NEW LINE CINEMA IS ONE OF THE WORLD’S MOST SUCCESSFUL INDEPENDENT FILM
COMPANIES, FOCUSED ON BUILDING A BRANDED, DIVERSIFIED LIBRARY THROUGH DEVELOPMENT AND PRODUCTION OF FILMS THAT
HAVE GLOBAL APPEAL, WITH A SPECIAL EMPHASIS ON THE CREATION OF VALUABLE FRANCHISES.
Creator of some of the most successful film franchises in history:
$285 million
Wedding Crashers worldwide box
office (2005)
$3 billion+
Consumer spending on The Lord
of the Rings home entertainment,
licensing and merchandising
(since 2001)
CORE STATISTICS
$307 million
Nightmare on Elm Street franchise
domestic box office (1984-2003)
$324 million
The Mask worldwide box office
(1994)
$673 million
Austin Powers franchise
worldwide box office (1997-2002)
$220 million
Elf worldwide box office (2003)

A VISIONARY FILM
COMPANY
HAIRSPRAY
EL CANTANTE
THE REAL WEDDING CRASHERS RENDITION
THE GOLDEN COMPASS

TIME INC.
TRUSTED EDITING, BEST BRANDS IN THE BUSINESS
TIME INC. IS ONE OF THE LARGEST CONTENT COMPANIES IN THE WORLD, WITH A PORTFOLIO OF APPROXIMATELY 130 TITLES, INCLUDING
SOME OF THE WORLD’S MOST POPULAR, POWERFUL AND TRUSTED BRANDS.
CORE STATISTICS
18.4%
Share of overall domestic magazine
advertising spending as of
March 31, 2007
28+ million
Number of U.K. adults that IPC
magazines reach—70% of U.K.
women and 50% of U.K. men as of
March 31, 2007
3
National Magazine Awards won
in 2006 by Time Inc. magazines
from the American Society of
Magazine Editors
130+
Titles as of March 31, 2007
Time Inc. is the largest magazine publisher in the U.S. and U.K.,
and the third-largest publisher in Mexico. Time Inc.’s popular
brands and successful franchises extend to online, television,
cable video on demand, satellite radio, mobile devices, events
and branded products.
Nationally and globally, Time Inc. titles make their mark. Each
month, one out of every two American adults reads a Time Inc.
magazine, and more than one out of ten who are online visit a
Time Inc. Web site. Every minute, more than 100 Time Inc. titles
are sold in the U.S. People magazine reaches more than 40
million adults with every issue, the most of any U.S. consumer
magazine. The Sports Illustrated annual Swimsuit Edition
franchise, which includes the magazine, video, calendars and
Web site, is the most profitable of any single magazine-branded
franchise. Worldwide, Time Inc. magazines, including Time Inc.’s
IPC Media Unit in the U.K. and Grupo Editorial Expansión in
Mexico, are read nearly 250 million times each month by
approximately 150 million adults.
Through Time Inc.’s aggressive digital initiatives, the company
has experienced great success online; its Web sites attract
more than 19 million unique visitors each month (as of
February 2007), more than double the audience of the next-
largest magazine publisher. CNNMoney.com is the largest
business and financial Web site among vertical sites and the
fourth-largest overall after the portal channels. SI.com received
more than 54 million page views in just one day with the launch
of the 2007 Swimsuit Edition and 2.2 million video downloads
by just two weeks after the launch. TIME magazine offers a fully
searchable online archive dating back to its founding in 1923.
People.com continues to lead in entertainment news and, as
of March 31, 2007, was #1 in page views in the entertainment
news category and #2 in unique visitors.
Time Inc. brands have also had great growth in the past year
with online video. In early 2007, Time Inc. launched Time Inc.
Studios, a dedicated in-house digital studio. The group helps
each of Time Inc.’s titles deliver on its video strategies. Time Inc.
Studios produces a variety of projects across multiple
platforms, including online, television, mobile and VOD.
While Time Inc. focuses on expanding and growing its digital
platforms, quality print content still matters. In 2007, TIME
unveiled a redesign of the magazine and changed its delivery
date to Friday, allowing readers the entire weekend to enjoy
the magazine. People magazine extended its Style Watch issue,
which now comes out ten times a year.
In 2006, TIME magazine won the top award at the National
Magazine Awards, placing first in the General Excellence category
among magazines with circulations over 2 million. In addition,
TIME’s special report on Hurricane Katrina was recognized with
a National Magazine Award as the best single-topic issue.Golf
Magazine received its first-ever National Magazine Award in
the Leisure Interests category. Time Inc. claimed two of the top
ten magazines on Advertising Age magazine’s 2006 A-List, with
People ranked #6 and Real Simple ranked #9. People and Real
Simple also joined Sports Illustrated on Adweek magazine’s 2006
inaugural list of Brand Blazers, which honors magazines doing an
exceptional job of extending their brands.
Time Inc. also won four out of five categories in the Magazine
Publishers of America 2007 Digital Awards, with Web site of the
year winners including TIME.com in the Business/News category;
InStyle.com in the Fashion category; EW.com in the Entertain-
ment/Celebrity category (with People.com in second place); and
SI.com in the Sports/Enthusiast category. In addition, Adweek
named Real Simple #2 on its 2007 Hot List Top 10 Magazines,
and in its 10 Under 50 List (magazines with ad revenues under
$50 million) named People en Español #5, Cottage Living #6 and
All You #8. Sports Illustrated also took top honors as Adweek’s
Executive Team of the Year.
Time Inc. continues to transform into a multiplatform publishing
company that creates, sells, aggregates and delivers premier
branded content through whatever platform consumers demand.

IN STYLE CONTENT
VIA MOBILE PHONE
TIME INC.’S AWARD-WINNING
WEB SITES
BEST BRANDS IN THE
BUSINESS
WORLDWIDE, TIME INC.
TITLES ARE READ NEARLY
250 MILLION TIMES EACH
MONTH BY APPROXIMATELY
150 MILLION ADULTS

TURNER BROADCASTING SYSTEM
BEST IN ENTERTAINMENT, ANIMATION AND NEWS
TURNER BROADCASTING OPERATES WORLDWIDE ENTERTAINMENT, ANIMATION AND NEWS NETWORKS AND BUSINESSES WHOSE
PERFORMANCES LED THEIR RESPECTIVE INDUSTRY SEGMENTS IN 2006, INCLUDING TNT, ADULT SWIM, CNN AND CNN.COM.
The continuing strong performance of Turner’s core television
networks business is powering digital growth across the
portfolio. Leading the company’s entertainment division, TNT,
television’s “destination for drama,” ranked #1 in total-day
delivery of adults 18-49 and 25-54 among ad-supported cable
networks for the fourth consecutive year in 2006, while TNT’s
The Closer became ad-supported cable’s #1 original series of all
time in households and total viewers. TBS, TNT’s “very funny”
sister network, held the top five sitcom spots among 18-49
viewers on the strength of Sex and the City and the TBS
debut original series My Boys. Court TV, which joined Turner
Broadcasting in 2006, had its best year ever in 18-49 viewers,
households and total viewers in prime time. New digital
businesses, including Veryfunnyads.com, Super Deluxe,
PGATour.com and ACC Select (powered by Turner-developed
PlayOn technology), joined the successful TCM.com,
NASCAR.com, TheSmokingGun.com and GameTap.
Animation standouts in 2006 included Adult Swim, which
ranked #1 in total day with adults 18-34 for the second
consecutive year. Cartoonnetwork.com, the most popular
entertainment portal for kids and teens, hosted more than
2 billion game plays in 2006. Cartoon Network Worldwide
launched two new broadband networks, Toonami Jetstream
and Cartoon Network Video, which together served on average
more than 20 million video streams per month in 2006.
CNN, the original 24-hour cable news brand, is the most trusted
name in news. CNN/U.S., watched by more people than any
other news network, earned its tenth Peabody Award in 2006
for leading journalism. CNN’s pioneering online news and infor-
mation site, CNN.com, was #1 in share of online news—unique
users and time spent viewing—and the #1 provider of mobile
news content. More than 1 million unique users accessed CNN
Pipeline’s fifth-anniversary replay of CNN’s reporting of the
2001 terrorist attacks, with CNN.com serving a record 8 million
video streams.
Outside the U.S., Cartoon Network was the most widely
distributed kids’ network in the Asia-Pacific region, and
Cartoon Network and POGO were the #1 and #2 kids’ channels,
respectively, in India. The launch of Boomerang in Germany,
Adult Swim in the U.K. and CNN Headline News in Latin America,
among others, extended the Turner brands internationally and
reinforced the global vision on which the company was founded
and which remains its signature.
Turner Broadcasting is well positioned for continuing success
through the company’s investment in quality entertainment,
animation and sports content to sustain the market leadership
of Turner’s established networks and businesses; technology
innovation that furthers CNN’s global news-gathering leadership
and creates new opportunities for strategic brand extension;
and a company-wide focus on Turner’s digital future.
CORE STATISTICS
#1
In total day with key adults (TNT)
#1
In total day with young adults
(Adult Swim)
#1
Cable news network in unique
viewers (CNN/U.S.)
#1
News and information sites in share
of online news (CNN.com)
#1
Mobile news provider (CNN)
Leadership by the entertainment, animation and news networks and
businesses of Turner Broadcasting in 2006 included:
2 billion
Game plays hosted on
Cartoonnetwork.com
16
Emmy® nominations received by
TNT’s 2006 original film event
Into the West, the most ever for a
cable miniseries

BEST IN ENTERTAINMENT,
ANIMATION AND NEWS
THE NBA ON TNT HONDO ON
TURNER CLASSIC MOVIES
CNN’S THE SITUATION ROOM
WITH WOLF BLITZER
CLASS OF 3000 ON
CARTOON NETWORK
THE CLOSER
ON TNT
VERYFUNNYADS.COM POGO IN INDIA

HOME BOX OFFICE
IT’S NOT TV. IT’S HBO.
AMERICA’S MOST SUCCESSFUL PREMIUM TELEVISION COMPANY, HOME BOX OFFICE DELIVERS TWO 24-HOUR PAY TELEVISION
SERVICES—HBO AND CINEMAX—TO OVER 40 MILLION U.S. SUBSCRIBERS.
HBO and Cinemax offer the most-popular subscription video
on demand (SVOD) products—HBO On Demand and Cinemax On
Demand—as well as multiplex channels and HD feeds. Interna-
tionally, HBO On Demand and HBO Mobile, along with branded
joint ventures, bring HBO services to over 50 countries. HBO
programming is also sold into over 150 countries worldwide.
HBO’s original productions continue to be recognized as some
of the most innovative, honored and critically acclaimed
programming on television. The network began 2007 with three
Golden Globe® Awards, one Academy Award®, and five George
Foster Peabody Awards. HBO had a banner award year in 2006,
garnering 26 Primetime Emmys®, two Oscars®, three Golden
Globe® Awards and three George Foster Peabody Awards.
Additionally, a number of HBO series appeared on television
critics’ Top Ten lists for 2006, including the new drama about
polygamy, Big Love, as well as subscriber favorites The Wire,
Deadwood, Entourage and The Sopranos.
In 2006, HBO continued to extend onto new platforms worldwide
with new SVOD products. HBO launched stand-alone HBO On
Demand products in Israel and the U.K. Vodafone in Western
Europe and SK Telecom in South Korea launched HBO Mobile on
their platforms, featuring full episodes of HBO’s acclaimed series.
Domestically, HBO partnered with AOL on the new ad-supported
broadband site THISJUSTIN.com. The site provides a comedic
and satiric look at politics, news and pop culture events. HBO
Video continued with strong DVD sales with such programs as
The Sopranos, Rome and the miniseries Elizabeth I.
In 2007, HBO is debuting two new series—the David Milch drama
John From Cincinnati, about a family of California surfers whose
athletic talents are linked to a curse, and the comedy Flight of the
Conchords, starring the cutting-edge New Zealand music-comedy
duo of Jemaine Clement and Bret McKenzie. Also returning in
2007 are Entourage, Big Love, Extras, Curb Your Enthusiasm,
Real Time with Bill Maher and The Sopranos in its final season.
In 2007, HBO Films presents Longford, starring Oscar® winner
Jim Broadbent in the title role of the controversial British
politician and advocate of prisoner rehabilitation; Life Support,
with Oscar® nominee Queen Latifah in the role of an AIDS survivor
and activist; Bury My Heart at Wounded Knee, an adaptation
of Dee Brown’s nonfiction book about the extermination of the
Sioux, featuring Aidan Quinn and Anna Paquin; and As You Like
It, Kenneth Branagh’s imaginative adaptation of Shakespeare’s
classic featuring an ensemble cast including Kevin Kline, Janet
McTeer and Alfred Molina.
HBO/Cinemax documentary films include an unprecedented
multimedia project, Addiction, a 14-part series that presents
a candid depiction of addiction; Ghosts of Abu Ghraib, Rory
Kennedy’s probe into the abuses that occurred in the Iraqi prison;
and Black Sun, the extraordinary life of a man who continued
to travel the world alone as a writer and artist despite being
blinded in a mugging.
HBO Sports continues to bring the best in sports to television,
including the pay per view mega-fight for the junior middle-
weight championship between future hall-of-famers Oscar De
La Hoya and Floyd Mayweather. In the documentary area, HBO
Sports will present a two-part documentary, Brooklyn Dodgers,
that explores the ten definitive years in the franchise’s history,
from 1947 to 1957.
CORE STATISTICS
40 million
HBO and Cinemax subscribers in the
U.S. as of December 31, 2006
26
2006 Primetime Emmy® Awards
3
2007 Sports Emmy® Awards
3
2007 Golden Globe® Awards
5
2007 George Foster Peabody
Awards
1
2007 Academy Award®

IT’S NOT TV. IT’S HBO.
ENTOURAGE ON
HBO ON DEMAND SERVICE
HBO PODCASTS VIA APPLE’S
ITUNES AND HBO.COM
THE SOPRANOS HBO AND AOL’S
AD-SUPPORTED WEB SITE
JOHN
FROM
CINCINNATI
BIG LOVE

CORPORATE SOCIAL RESPONSIBILITY
Time Warner understands that we cannot be a great company
unless we are a good company. This means that in addition to
providing the highest-quality products and services, we have
a special responsibility to help society come to grips with the
complex social and political challenges we face as a global
community. Time Warner’s corporate social responsibility
efforts include a focus on producing high-quality programming,
practicing responsible journalism, investing in our employees
and aligning our corporate values and philanthropy with
our businesses.
Theuniqueconnectionbetweenourbusinessesandphilanthropic
involvements leads us to be active participants in the education
and arts groups we support. These include programs that raise
academic achievement among highly motivated middle and high
school students from underrepresented backgrounds, as well
as organizations that nurture creativity and diversity in the arts.
In 2006, Time Warner and its business units contributed over
$314 million in cash and in-kind contributions to support
our communities. We also published Creating Opportunities,
a comprehensive overview of the Company’s philanthropic
initiatives in education and the arts. A Web version of the
publication can be found at www.timewarner.com/citizenship.
We have also made great strides in some of our most critical
corporate citizenship areas. We have adopted ethical sourcing
guidelines for our suppliers. And we continue to look for ways
to reduce our environmental footprint. We are proud of these
accomplishments and will continue to build upon them.
As part of our commitment to both inform and entertain, we
have developed a unique interview series called Conversations
on the Circle. Over the last two years, we have conducted six
Conversations at the Time Warner Center, featuring presidential
advisor Karl Rove, former President Bill Clinton, Supreme Court
Associate Justice Antonin Scalia, Academy Award® winning ﬁlm
director Steven Spielberg, former Vice President Al Gore and
rock-star humanitarian Bono. More Conversations are planned
for the coming year.
Finally, we are working to increase our company’s diversity, in
both the workplace and in the marketplace. As our multicultural
global marketplace continues to grow, we know our success
depends on developing a diverse group of employees, suppliers
and products that reﬂects the consumers we serve.
We take our social responsibility seriously, and we are
committed to being a world-class corporate citizen.

PEOPLE
Even as Time Warner continues to develop groundbreaking
creative content and innovative digital technologies to solidify
its position as the world’s leading media and entertainment
company, we know that the key to our continued growth is
our people. Nothing is more important to our future success
than developing new leaders, supporting career development
and recognizing the talents of the more than 90,000 men and
women who make up the extraordinarily diverse Time Warner
employee family.
As the emergence of new challenges and opportunities in
the digital marketplace accelerates, it is more important than
ever to have the most highly skilled, highly motivated work-
force in the industry. Our shareholders, our customers and our
employees deserve nothing less.
To achieve our goals, we are continually expanding our efforts
to develop our people. For example, last year we launched our
ﬁrst Creative Leadership Summit, a development program for
creative executives across all our divisions. We are expanding
the Time4Tomorrow program as well as Corporate’s existing
Management Edge program, offerings that focus on mid-
and senior-level managers, to include executives across all
divisions in Asia. Additionally, we introduced European and
Asia-Paciﬁc Leadership Meetings, which will now take place on
an annual basis in Europe and every 18 months in Asia. These
programs complement our existing development efforts for all
employees. These include the Chairman’s Leadership program
for senior-level executives, the Breakthrough Leadership pro-
gram aimed at high-potential women executives, our Leading
for Results programs, which focus on VP-level executives in our
divisions, and our diversity training designed to foster a culture
of opportunity, inclusion and respect.
Our people are our most important asset. We understand that
the future of this company lies in their hands. We honor their
service. And we will continue to provide new and better tools
for personal advancement and corporate success.

BUSINESSES AT A GLANCE
AOL LLC
AOL
AOL Europe
AOL Canada
Advertising.com
AIM
CompuServe
GameDaily.com
ICQ
Lightingcast
MapQuest
Moviefone
Netscape
Relegence
Spinner.com
TMZ.com
Truveo
Userplane
TIME WARNER
CABLE INC.
Time Warner Cable
Road Runner High
Speed Online
Digital Phone
Time Warner Cable
Business Class
Time Warner Cable
Media Sales
OPERATING DIVISIONS
Time Warner Cable Albany
Time Warner Cable Austin
(includes Waco)
Time Warner Cable Buffalo
Time Warner Cable
Charlotte
Time Warner Cable
Eastern Carolina
(Raleigh, Wilmington)
Time Warner Cable
Greensboro
Time Warner Cable
Kansas City
Time Warner Cable
Los Angeles
Time Warner Cable
Mid-Ohio
(Columbus)
Time Warner Cable
National (based in
Denver, CO, non-
clustered systems)
Time Warner Cable
New England
(Portland, ME)
Time Warner Cable
New York &
NewJersey
Time Warner Cable
NorthTexas
(Dallas)
Time Warner Cable
Northeast Ohio
(Akron & Cleveland)
OceanicTime Warner
Cable (Hawaii)
Time Warner Cable
Rochester
Time Warner Cable
San Antonio
Time Warner Cable
San Diego
Time Warner Cable South
Carolina (Columbia)
Time Warner Cable
Southwest Ohio
(Cincinnati, Dayton)
Time Warner Cable
Southwest
(El Paso, Harlingen,
Corpus Christi, et al.)
Time Warner Cable
Syracuse
Time Warner Cable
Wisconsin
(Milwaukee &
Green Bay)
LOCAL CHANNELS
Capital News 9-Albany
Albany, NY
MetroSports
Kansas City, MO
MetroWeather
Kansas City, MO
News 8 Austin
Austin,TX
News 10 Now-Syracuse
Syracuse, NY
News 14
Carolina-Charlotte,
Raleigh, and
Greensboro, NC
NY1 News
New York, NY
NY1 Noticias
New York, NY
R News
Rochester, NY
SportsNet New York
NEW LINE CINEMA
CORPORATION
New Line Cinema
New Line Distribution
New Line Home
Entertainment
New Line International
Releasing
New Line Marketing
New Line Merchandising/
Licensing
New Line Records
New Line New Media
New LineTelevision
New LineTheatricals
Picturehouse
Weblogs
Winamp
Xdrive
WARNER BROS.
ENTERTAINMENT INC.
WARNER BROS. PICTURES
WARNER BROS. PICTURES
INTERNATIONAL
WARNER INDEPENDENT
PICTURES
WARNER BROS.
TELEVISION GROUP
Warner Bros.Television
Warner Bros. Domestic
Television Distribution
Warner Bros. Domestic
Cable Distribution
Warner Bros. International
Television Distribution
Warner Bros. Animation
(LooneyTunes,
Hanna-Barbera)
Telepictures Productions
Warner HorizonTelevision
The CWTelevision Network
Kids’ WB! onThe CW
WARNER BROS. HOME
ENTERTAINMENT GROUP
Warner HomeVideo
Warner Bros. Advanced
Digital Services
Warner Bros. Digital
Distribution
Warner Bros. Interactive
Entertainment
(Warner Bros. Games)
Warner Premiere
Warner Bros.Technical
Operations
Warner Bros. Anti-Piracy
Operations
WARNERBROS.CONSUMER
PRODUCTS
WARNER BROS.
INTERNATIONAL
CINEMAS
WARNER BROS. STUDIO
FACILITIES
WARNER BROS. THEATRE
VENTURES
DC COMICS
MAD Magazine
Vertigo
WildStorm

TIME INC.
All You
Business 2.0
Entertainment Weekly
Essence
Fortune
Fortune Asia
Fortune Europe
FSB: Fortune Small
Business
Golf
In Style
Money
People
People en Español
Real Simple
Sports Illustrated
Sports Illustrated For Kids
StyleWatch
This Old House
TIME For Kids
TIME Asia
TIME Atlantic
TIME Canada
TIME U.S.
SOUTHERN PROGRESS
CORPORATION
Coastal Living
Cooking Light
Cottage Living
Health
Southern Accents
Southern Living
Sunset
Oxmoor House
Southern Living at Home
Sunset Books
IPC MEDIA
25 Beautiful Homes
25 Beautiful Kitchens
4X4
Aeroplane Monthly
Amateur Gardening
Amateur Photographer
Angler’s Mail
Cage & Aviary Birds
Caravan Magazine
Chat
Chat - It’s Fate
Classic Boat
Country Homes & Interiors
Country Life
Cycle Sport
Cycling Weekly
Decanter
Essentials
European Boat Builder
Eventing
Golf Monthly
Guitar
Hair
Hi Fi News
Homes & Gardens
Horse
Horse & Hound
Ideal Home
In Style (UK)
International Boat
Industry
Land Rover World
Livingetc
Loaded
MBR-Mountain Bike Rider
MiniWorld
Model Collector
Motor Boat & Yachting
Motor Boats Monthly
Motor Caravan Magazine
NME
Now
Nuts
Park Home & Holiday
Caravan
Pick Me Up
Practical Boat Owner
Practical Parenting (UK)
Prediction
Racecar Engineering
Rugby World
Ships Monthly
Shoot Monthly
ShootingTimes
Soaplife
Sporting Gun
Stamp Magazine
SuperBike Magazine
The Field
The Golf+
The Railway Magazine
The Shooting Gazette
TV & Satellite Week
National
TV easy
TVTimes
Uncut
Volksworld
VW Camper & Bus
VW Golf Plus
Wallpaper
Web User
Wedding
What Digital Camera
What’s OnTV
Woman
Woman & Home
Woman’s Own
Woman’s Weekly
World Soccer
Yachting Monthly
Yachting World
Your Yacht
TIME INC. SOUTH PACIFIC
BrideTo Be
English Woman’s Weekly
In Style Australia
Practical Parenting
TIME Australia
Who
GRUPO EDITORIAL
EXPANSIÓN
Ambientes
Audi Magazine
Balance
Chilango
EXP
Expansión
IDC
Life and Style
Manufactura
Obras
Quién
Vuelo
Yachts
In Style Mexico
TIME INC. BUSINESS UNITS
Media Networks, Inc.
Synapse Group, Inc.
Targeted Media, Inc.
Time Customer Service
Time Inc. Content
Solutions
Time Inc. Licensing
& Syndication
Time Inc. Interactive
Time Inc. Home
Entertainment
Time Inc. Studios
Time Warner Retail Sales
& Marketing
JOINTVENTURES
Avantages
European Magazines Ltd.
Evarn
Hachette Filipacchi
Expansion
TURNER
BROADCASTING
SYSTEM, INC.
ACCSelect.com
Adult Swim
AdultSwim.com
Boomerang
Boomerang.com
Cartoon Network
Cartoon Network
Asia Pacific
Cartoon Network Europe
Cartoon Network
Latin America
Cartoon Network Studios
Cartoonnetwork.com
CartoonnetworkYA.com
CNN/U.S.
CNN Airport Network
CNN en Español
CNN en Español Radio
CNN Headline News
CNN Headline News in
Asia Pacific
CNN Headline News in
Latin America
CNN International
CNN Mobile
CNN Newsource
CNN Pipeline
CNN.com
CNNRadio
CNNStudentNews.com
CNN to Go
CourtTV
CourtTV.com
GameTap
NASCAR.com
PGA.com
PGATour.com
Pogo
Super Deluxe
TBS
TBS.com
TCM Asia Pacific
TCM Canada
TCM Europe
TCM Classic Hollywood in
Latin America
TCM.com
TheSmokingGun.com
TNT HD
TNT Latin America
TNT.tv.com
Toonami
Turner Classic Movies
Turner NetworkTelevision
Veryfunnyads.com
Williams Street Studio
JOINTVENTURES
Cartoon NetworkJapan
Cartoon Network Korea
CNN+
CETV
CNNj
CNNMoney.com
CNNTurk
CNN.de (German)
CNN.com.jp (Japanese)
Zee/Turner
Boing
CNN-IBN
HOME BOX OFFICE, INC.
HBO
HBO On Demand
Cinemax
Cinemax On Demand
HBOVideo
HBO Mobile
HBO Independent
Productions
HBO Domestic and
International Program
Distribution
HBO On Demand
International
Israel
United Kingdom
HBO Mobile International
United Kingdom
Ireland
Belgium
Netherlands
Germany
Austria
Switzerland
Italy
Spain
South Africa
South Korea
JOINTVENTURES
Picturehouse
THISJUSTIN.com
HBO Adria
HBO Asia
HBO Brasil
HBO Czech
HBO Hungary
HBO India
HBO Ole
HBO Poland
HBO Romania
E! Latin America Channel
Time Warner Global Media Group partners with the
world’s leading marketers to create ideas and initiatives
that focusTime Warner’s premier assets against the
marketers’ business challenges. A catalyst for
collaboration across the company, the Global Media
Group offers a unique point of access toTime Warner’s
wealth of content, media platforms and consumer
insights with enterprise-wide objectivity.Through this
mission, the Global Media Group contributes to the
growth of advertising and distribution revenue across
theTime Warner portfolio.
CNN Newsource
CNN Pipeline
CNN.com
CNNRadio
CNNStudentNews.com
CNN to Go
CourtTV
CourtTV.com
GameTap
NASCAR.com
PGA.com
PGATour.com
POGO
Super Deluxe

SENIOR OPERATING EXECUTIVES
GLENN A. BRITT
President and CEO
LANDEL C. HOBBS
ROBERT D. MARCUS
Senior ExecutiveVice President
MIKE L. LAJOIE
ExecutiveVice President,
ChiefTechnology Officer
MARC LAWRENCE-
APFELBAUM
General Counsel and Secretary
JOHN K. MARTIN
ExecutiveVice President
and CFO
CARL U.J. ROSSETTI
Corporate Development
LYNN M. YAEGER
Corporate Affairs
GERALD D. CAMPBELL
Phone Operations
WILLIAM R. GOETZ, JR.
Operations, West and North
East Regions
CAROL A. HEVEY
Operations, Carolina Region
SAM HOWE
Chief Marketing Officer
WAYNE D. KNIGHTON
Operations,Texas Region
TERRY O’CONNELL
Operations, Midwest Region
DAVID E. O’HAYRE
Investments
BARRY ROSENBLUM
Operations, New York City and
Southern California Region
PETER C. STERN
Product Management
TIME WARNER CABLE INC.
WARNER BROS. ENTERTAINMENT INC.
RANDY FALCO
Chairman and CEO
RON GRANT
President and COO
TED LEONSIS
Vice Chairman
TIANE MITCHELL GORDON
Vice President,
Diversity and Inclusion
NISHA KUMAR
and CFO
LANCE MIYAMOTO
Human Resources
IRA PARKER
ExecutiveVice President and
General Counsel
TRICIA PRIMROSE
WALLACE
Corporate Communications
AOL LLC
BARRY M. MEYER
Chairman and CEO
ALAN F. HORN
President and COO
GARY CREDLE
Administration and Studio
Operations
SUSAN N. FLEISHMAN
RICHARD J. FOX
International
EDWARD A. ROMANO
and CFO
BRUCE ROSENBLUM
President, Warner Bros.
Television Group
JOHN A. SCHULMAN
and General Counsel
KEVIN TSUJIHARA
Home Entertainment Group
WARNER BROS.
ENTERTAINMENTSUBSIDIARIES
POLLY COHEN
President, Warner Independent
Pictures
CHRIS COOKSON
Technical Operations
HILARYESTEYMcLOUGHLIN
President,Telepictures
Productions
DAN FELLMAN
President, Domestic Distribution,
Warner Bros. Pictures
DOUG FRANK
President, Music Operations,
ERIC FRANKEL
Domestic Cable Distribution
JON GILBERT
Studio Facilities
BRAD GLOBE
Consumer Products
SUE KROLL
President, Marketing, Warner
Bros. Pictures International
VERONIKA
KWAN-RUBINEK
President, Distribution, Warner
Bros. Pictures International
PAUL LEVITZ
President and Publisher,
DC Comics
JOHN MAATTA
Chief Operating Officer,
DIANE NELSON
President, Warner Premiere
MILLARD OCHS
International Cinemas
DAWN OSTROFF
President, Entertainment,
STEVE PAPAZIAN
President, Worldwide
Physical Production,
JEFF ROBINOV
President, Production,
PETER ROTH
Television Production
RONALD SANDERS
President, Warner HomeVideo
JEFFREY SCHLESINGER
InternationalTelevision
Distribution
SANDER SCHWARTZ
Animation
STEVE SPIRA
President, Worldwide Business
Affairs, Warner Bros. Pictures
DAWN TAUBIN
President, Domestic Marketing,
KEN WERNER
DomesticTelevision Distribution

PHILIP I. KENT
Chairman and CEO
TERENCE F. McGUIRK
Vice Chairman,TBS, Inc.,
and Chairman and President,
Atlanta Braves
JOHN E. KAMPFE
and CFO
LOUISE SAMS
and General Counsel,TBS, Inc.,
and President,TBS International
KELLY REGAL
JIM McCAFFREY
Operations and Strategy
MARK LAZARUS
President,
Turner Entertainment Group
JIM WALTON
President, CNN Worldwide
ANDREW T. HELLER
President, Domestic Distribution
DAVID R. LEVY
President, Entertainment
Sales and Marketing,
and President,Turner Sports
GREG D’ALBA
Chief Operating Officer,
CNN Sales and Marketing
SCOTT TEISSLER
ChiefTechnology Officer
TURNER BROADCASTING SYSTEM, INC.
TIME INC.
ROBERT SHAYE
Co-Chairman and Co-CEO
MICHAEL LYNNE
Co-Chairman and Co-CEO
STEPHEN ABRAMSON
Chief Financial Officer
STEPHEN L. EINHORN
President, New Line
Home Entertainment
TOBY EMMERICH
President, New Line Productions
CAMELA GALANO
President, New Line
International Releasing, Inc.
ROLF MITTWEG
President and COO,
New Line Worldwide Distribution
and Marketing
JIM ROSENTHAL
President, New LineTelevision
RUSSELL SCHWARTZ
President, New Line
Domestic Marketing
DAVID TUCKERMAN
President, New Line
Theatrical Distribution
BEN ZINKIN
Senior ExecutiveVice President,
Business and Legal Affairs
NEW LINE CINEMA CORPORATION
BILL NELSON
HAROLD AKSELRAD
General Counsel and Executive
Vice President, Legal, Business
Affairs and Film Programming
DAVID BALDWIN
Program Planning
COLIN CALLENDER
President, HBO Films
SHELLEY FISCHEL
ExecutiveVice President, Human
Resources and Administration
MICHAEL GABRIEL
InformationTechnology and CIO
ROSS GREENBURG
President, HBO Sports
ERIC KESSLER
President, Sales, Marketing and
Business Development
MICHAEL LOMBARDO
Business Affairs, Production and
Programming Operations
HENRY MCGEE
President, HBOVideo
SHEILA NEVINS
President, HBO Documentary
Films
RICHARD PLEPLER
ROBERT ROTH
ExecutiveVice President and CFO
CHARLES SCHREGER
President, Programming Sales
CAROLYN STRAUSS
President, HBO Entertainment
SIMON SUTTON
President, Programming
Distribution and International
ROBERT ZITTER
Technology and CTO
HOME BOX OFFICE,INC.
ANN S. MOORE
Chairman and CEO
JOHN HUEY
Editor-in-Chief
SYLVIA AUTON
CEO, IPC Media
STEPHANIE GEORGE
MIKE KLINGENSMITH
JOHN SQUIRES
JOHN REUTER
CEO, Grupo Editorial Expansión
JIM KELLY
Managing Editor
SCOTT MOWBRAY
Executive Editor
SHERYL TUCKER
Executive Editor
NED DESMOND
President,Time Inc. Interactive
PAUL SPEAKER
President,Time Inc. Studios
WAYNE POWERS
President,Time Inc. Media Group
BRIAN WOLFE
President, Consumer Marketing
KERRY BESSEY
SeniorVice President,
Human Resources
HOWARD AVERILL
SeniorVice President and
Chief Financial Officer
JOHN REDPATH
SeniorVice President and
General Counsel
DAWN BRIDGES
MAURICE EDELSON
Strategic Planning

BOARD OF DIRECTORS
ROBERT C. CLARK(1) (3)
Distinguished Service Professor,
Harvard University
Prior Professional Experience
Dean and Royall Professor
of Law, Harvard Law School;
Professor, Harvard Law School;
Professor, Yale Law School;
Associate, Ropes & Gray.
Company Directorship
Director of the Company since
January 2004.
Other Directorships
Collins & Aikman Corporation;
Omnicom Group, Inc.;Trustee
of TIAA.
MATHIAS DÖPFNER
Chairman and Chief Executive
Officer, and Head of Newspapers
Division, Axel Springer AG
Member, Executive Board,
Electronic Media Division, Axel
Springer AG; Editor in Chief, Die
Welt; Editor-in-Chief, Hamburger
Morgenpost; Editor-in-Chief,
Wochenpost.
July 2006.
Other Directorships
Member of the supervisory
boards of directors of
ProSiebenSat.1 Media AG, dpa
Deutsche Presse Agentur GmbH
and LeipzigerVerlags-und
Druckereigesellschaft mbH & Co.
KG. Also serves as a Managing
Director of Brillant 310 GmbH.
REUBEN MARK(1)
Officer, Colgate-Palmolive
Company
Chief Executive Officer, Colgate-
Palmolive Company; Executive
positions at Colgate-Palmolive,
including President and Chief
Operating Officer, GroupVice
President in charge of U.S.
operations,Vice President for
the Far East, President of
Colgate-Canada, and President of
Colgate’sVenezuelan subsidiary.
Director ofTime Warner from
1993 until AOL-Time Warner
merger inJanuary 2001; Director
of the Company since that date.
Other Directorships
Cabela’s Incorporated; Colgate-
Palmolive Company.
MICHAEL A. MILES(2)
Special Limited Partner,
Forstmann Little & Company
Officer, Philip Morris Companies
Inc.; Chairman and Chief
Executive Officer, Kraft Foods,
Inc.; Executive positions at
Heublein, Inc., including Senior
Vice President of Foods and
Chairman of Kentucky
Fried Chicken Corporation
(KFC) Worldwide.
Other Directorships
AMR Corporation; Citadel
Broadcasting Corporation;
Dell Inc.
JESSICA P. EINHORN(1) (3)
Dean, Paul H. Nitze School
of Advanced International
Studies (SAIS),TheJohns
Hopkins University
Consultant, Clark & Weinstock;
Visiting Fellow, International
Monetary Fund; Executive
positions atThe World Bank,
including Managing Director
for Finance and Resource
Mobilization.
May 2005.
Other Directorships
Chair of global advisory board,
J.E. Robert Companies;Trustee,
Rockefeller Brothers Fund;
Director of the Peter G. Peterson
Institute for International
Economics, the Center for Global
Development and the National
Bureau of Economic Research.
RICHARD D. PARSONS
Chairman of the Board
and Chief Executive Officer,
Time Warner Inc.
Chief Executive Officer, AOLTime
Warner Inc./Time Warner Inc.;
Co-Chief Operating Officer, AOL
Time Warner Inc.; President,Time
Warner Inc.; Chairman and Chief
Executive Officer,The Dime
Savings Bank of New York, FSB.
merger inJanuary 2001;
that date.
Other Directorships
Citigroup Inc.; Estée Lauder
Companies, Inc.
JEFFREY L. BEWKES
President and Chief Operating
Officer,Time Warner Inc.
Chairman, Entertainment &
Networks Group, AOLTime
Officer, Home Box Office;
President and Chief Operating
Officer, Home Box Office.
January 2007.
Other Directorships
Member of the board or other
governing body of several
non-profit organizations.
JAMES L. BARKSDALE
Chairman and President,
Barksdale Management
Corporation
Partner and Co-Founder,The
Barksdale Group; President and
CEO, Netscape Communications
Corp.; Chief Executive Officer,
AT&T Wireless Services;
Chief Operating Officer, Federal
Express Corporation; Chief
Information Officer, Federal
Express Corporation; Chief
Information Officer and other
management positions,
Cook Industries.
Director of AOL LLC (formerly
America Online, Inc.) from 1999
until AOL-Time Warner merger
inJanuary 2001; Director of the
Company since that date.
Other Directorships
FedEx Corporation; Sun Micro-
systems, Inc.; Special advisor,
Kleiner Perkins Caufield & Byers.
STEPHENF.BOLLENBACH(1)
Co-Chairman and Chief Executive
Officer, Hilton Hotels Corporation
President and Chief Executive
Officer, Hilton Hotels Corporation;
Senior ExecutiveVice President
and Chief Financial Officer,
The Walt Disney Company;
Officer, Host Marriott Corporation;
Chief Financial Officer, Marriott
Corporation.
Other Directorships
Harrah’s Entertainment, Inc.;
Hilton Hotels Corporation;
KB Home.
FRANK J. CAUFIELD(2) (3)
Co-Founder and Partner Emeritus,
Kleiner Perkins Caufield & Byers
General Partner and Manager,
Oak GroveVentures.
America Online, Inc.) from 1991
until AOL-Time Warner merger
inJanuary 2001; Director of the
Company since that date.
Other Directorships
JER InvestorsTrust Inc.;
Global Advisory Board of J.E.
Robert Companies.

RICHARD D. PARSONS
Chairman of the Board
and Chief Executive Officer
JEFFREY L. BEWKES
President and
WAYNE H. PACE
and Chief Financial Officer
EDWARD I. ADLER
PAUL T. CAPPUCCIO
and General Counsel
PATRICIA FILI-KRUSHEL
Administration
CAROL A. MELTON
Global Public Policy
OLAF J. OLAFSSON
SENIOR CORPORATE EXECUTIVES
KENNETH J. NOVACK
Senior Counsel, Mintz, Levin,
Cohn, Ferris, Glovsky and
Popeo, PC
Vice Chairman of AOLTime
Vice Chairman, AOL LLC (formerly
America Online, Inc.); Attorney
and Member of Executive
Committee, Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, PC.
America Online, Inc.) from
January 2000 until AOL-Time
Warner merger inJanuary 2001;
that date.
Other Directorships
Appleton Partners, Inc.; BBN
Technologies, Inc.; Paratek
Pharmaceuticals, Inc.; Prematics,
Inc.; Advisory Director, Gordon
Brothers Group.
FRANCIS T.VINCENT,JR.(1) (2)
Chairman,Vincent Enterprises
Commissioner, Major League
Baseball; Deputy Commissioner,
Major League Baseball; Executive
positions atThe Coca-Cola
Company, including responsibility
for all of its entertainment
activities; President and Chief
Executive Officer, Columbia Pictures
Industries, Inc.; Associate Director,
Division of Corporation Finance,
U.S. Securities and Exchange
Commission.
DEBORAH C. WRIGHT(1) (2)
Chairman, President and Chief
Executive Officer, Carver
Bancorp, Inc. and Carver Federal
Savings Bank
Officer, Carver Bancorp, Inc. and
Carver Federal Savings Bank;
Officer, Upper Manhattan Em-
powerment Zone Development
Corporation; Commissioner, New
York City Department of Housing
Preservation and Development;
Member, New York City Planning
Commission; served on New York
City Housing Authority Board.
May 2005.
Other Directorships
Carver Bancorp, Inc.; Kraft
Foods Inc.
Board Of Directors Committee
Structure And Membership
The Board of Directors has three
standing committees: the
Audit and Finance Committee,
the Compensation and Human
Development Committee, and
the Nominating and Governance
Committee. Each committee
is composed entirely of
independent directors.
.
(1)
Audit and Finance Committee
(2)
Compensation and Human
Development Committee
(3)
Nominating and Governance
Committee

CORPORATE GOVERNANCE
Time Warner is committed to maintaining strong corporate
governance practices that allocate rights and responsibilities
among the company’s stockholders, Board of Directors and
management in a manner that benefits the long-term interests
of the company’s stockholders. Accordingly, the company’s
corporate governance practices are designed not just to satisfy
regulatory requirements, but also to provide for effective
oversight and management of the company.
For a number of years, the Board has devoted substantial
attention to the subject. For example, over six years ago, the
Nominating and Governance Committee of the Board, with the
assistance of outside corporate governance advisors, began
work on developing a corporate governance policy. The Board
first adopted this policy in January 2002 and has refined it from
time to time since then, most recently in February 2007. The
Corporate Governance Policy sets forth the basic “rules of the
road” to guide the operation of the Board and its committees.
Similarly, before regular executive sessions became regulatory
requirements, the Board of Directors began holding regular
executive sessions without members of the management team
present, examined the performances of management and the
Board, adopted a code of conduct for employees and enacted
a set of ethics guidelines specifically for outside directors.
During the last year, the Board also adopted new policies to
enhance the company’s corporate governance practices,
including the company’s Policy and Procedures Governing
Related Person Transactions, which provide a policy and set of
procedures for the review and approval or ratification of related
person transactions.
In addition, the company has adopted a number of other
policies to help the Board effectively oversee the company’s
business. The Board and the Nominating and Governance
Committee have established rigorous criteria for selecting
directors that focus not only on director independence, but
also on ensuring that the Board has the appropriate mixture of
skills, professional experience and diversity of backgrounds to
provide strong oversight. The Board also reviews the company’s
strategy and approves a business plan and detailed budget
for the company at least annually. In fulfilling the Board’s
responsibilities, directors have full access to the company’s
management, internal and external auditors, and outside
advisors of their own choosing. And, to help ensure alignment
with stockholders’ interests, the Board has established
stock ownership and retention guidelines for both the Board
and executives.
Information on the company’s corporate governance is
available to the public under both “Corporate Governance”
and “Investor Relations” on the company’s Web site at
www.timewarner.com. The information on the Web site includes
the company’s by-laws, its Corporate Governance Policy, the
charters of the Board’s three standing committees (the Audit
and Finance Committee, the Compensation and Human
Development Committee, and the Nominating and Governance
Committee, each of which is composed entirely of independent
directors), the company’s codes of conduct and the company’s
Related Person Transactions Policy. These documents are
also available in print by writing to the company’s Corporate
Secretary at the following address:
Office of the Corporate Secretary
Time Warner Inc.
One Time Warner Center
New York, NY 10019-8016
The company’s Web site also includes information about the
members of the Board of Directors and its committees and
information on how to contact the Board of Directors.

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