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TIME WARNER, TOSHIBA AND C. ITOH CLOSE TIME WARNER ENTERTAINMENT PARTNERSHIP

 TIME WARNER, TOSHIBA AND C. ITOH CLOSE TIME WARNER ENTERTAINMENT
 PARTNERSHIP
 NEW YORK, June 30 /PRNewswire/ -- Time Warner Inc. (NYSE: TWX), Toshiba Corporation and C. Itoh & Co. Ltd. announced today the closing of both their global strategic partnership, Time Warner Entertainment Company, L.P. ("TWE"), and their sub-venture, Time Warner Entertainment Japan ("TWEJ").
 Time Warner Entertainment Company, L.P., principally comprises Warner Bros., Home Box Office and the Time Warner Cable businesses. As previously announced, Time Warner Inc. holds 87-1/2 percent and Toshiba and C. Itoh each owns 6-1/4 percent of the pro-rata equity held by the partners.
 Time Warner Entertainment Japan intends to become a leading, fully-integrated Japanese media and entertainment company through the expansion of Time Warner's existing businesses in merchandising, theatrical film, television, and home video distribution and the development of new media and entertainment businesses. Time Warner Inc. will own 50 percent of TWEJ. Toshiba and C. Itoh will each own 25 percent.
 In conjunction with today's closing of Time Warner Entertainment Company, L.P., Time Warner also reiterated:
 -- Time Warner completed its acquisition of 18 percent of the outstanding publicly held shares of American Television and Communications Corporation ("ATC") on June 26, 1992, as previously announced.
 -- A consortium of banks led by Bankers Trust and Chemical Bank have completed a previously announced $6.2 billion bank credit facility for TWE, successfully refinancing all of Time Warner's outstanding bank debt.
 -- TWE assumed liability for Time Warner Inc.'s previously disclosed $1.1 billion long-term senior debt financing.
 Time Warner Inc. is the world's leading media and entertainment company, with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment, cable television and cable television programming.
 Toshiba Corporation, with annual sales of over $35 billion and a global network of about 100 major subsidiaries, is a worldwide leader in the manufacture of integrated high technology electronic and electrical products, including advanced information and telecommunication systems, electronic devices, heavy electrical apparatus, consumer and other products.
 C. Itoh & Co., Ltd., is the world's largest trading group with more than $155 billion in annual sales. It operates in 87 countries and controls more than 800 affiliated companies which deal in over 50,000 different products and services including textiles, machinery, electronics, metals, energy, chemicals, food products, real estate and communications services.
 -0- 6/30/92
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/
 (TWX) CO: Time Warner Inc.; Toshiba Corporation; C. Itoh & Co. Ltd. ST: New York IN: ENT SU:


GK -- NY031 -- 5084 06/30/92 10:19 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 30, 1992
Words:423
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