Comcast and Time Warner Agree to Restructure Kansas City and Texas Cable Partnerships.

Business Editors

NEW YORK & PHILADELPHIA--(BUSINESS WIRE)--Dec. 1, 2003

Comcast Corporation (NASDAQ: CMCSA, CMCSK) and Time Warner Inc. (NYSE:TWX) today announced an agreement to restructure their two cable joint ventures, Kansas City Cable Partners and Texas Cable Partners, that essentially keeps the current provisions of the partnerships in place for at least the next two years and provides for a simple dissolution of the partnerships in the future.

Texas Cable Partners serves about 1.2 million subscribers in Houston and other south Texas communities, and Kansas City Cable Partners has approximately 300,000 subscribers in Kansas City, MO. Under the current arrangements, Time Warner Cable and Comcast are 50/50 partners in the two cable joint ventures, whose systems Time Warner Cable manages.

Under the restructuring, Time Warner Cable and Comcast agreed to:

-- Merge the Kansas City partnership into the Texas partnership,

of which Time Warner Cable and Comcast will own 50% each;

-- Extend Time Warner Cable's management of the systems for at

least the next two years;

-- Allow either party to trigger the split of the combined

partnership after the later of June 1, 2006 or the two-year

anniversary of the merger; and

-- Give the non-triggering party the right to choose and take

full ownership of one of two pools of the combined

partnership's systems - one pool consisting of the Houston

systems and the other consisting of the Kansas City and south

Texas systems - with an arrangement to distribute the debt

among the pools. The remaining pool of systems and any debt

associated with that pool would be owned by the party that

triggered the split. This split-up mechanism replaces an

existing buy-sell provision under the current partnership

agreements.

The restructuring is subject to customary conditions, including receipt of applicable regulatory approvals.

This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in any such forward-looking statements. Readers are directed to Comcast's and Time Warner's filings with the SEC for more detailed information about such risks and uncertainties.

About Comcast Corporation

Comcast Corporation (www.comcast.com) is principally involved in the development, management and operation of broadband cable networks, and in the provision of programming content. The Company is the largest cable company in the United States, serving more than 21 million cable subscribers. The Company's content businesses include majority ownership of Comcast Spectacor, Comcast SportsNet, E! Entertainment Television, Style, The Golf Channel, Outdoor Life Network and G4. Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively.

About Time Warner Cable

Time Warner Cable owns and manages cable systems serving 10.9 million subscribers in 27 states, which include some of the most technologically advanced, best-clustered cable systems in the country with more than 75% of the Company's customers in systems of 300,000 subscribers or more. Utilizing a fully upgraded advanced cable network and a steadfast commitment to providing consumers with choice, value and world-class customer service, Time Warner Cable is an industry leader in delivering advanced products and services such as video on demand, high definition television, high-speed data, wireless home networking and digital video recorders. Time Warner Cable is a subsidiary of Time Warner Inc.

About Time Warner Inc.

Time Warner Inc. is the world's leading media and entertainment company, whose businesses include filmed entertainment, interactive services, television networks, cable systems, publishing and music.