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TIME WARNER ANNOUNCES STOCK EXCHANGE

 NEW YORK, March 10 /PRNewswire/ -- Time Warner Inc. (NYSE: TWX) announced today that it will exchange all of its approximately 63,000,000 shares of its Series C 8-3/4 percent convertible exchangeable preferred stock for 8-3/4 percent convertible subordinated debentures due 2015. The exchange date is April 1, 1993.
 In making the announcement, Time Warner Chairman and CEO Gerald M. Levin, said: "We are pleased to be taking another important step in our continuing program to strengthen the company's balance sheet. Today's action will have a positive impact on our per share earnings for our common holders."
 Holders of outstanding shares of Series C preferred stock will be entitled to receive $50 principal amount of debentures in exchange for each share of Series C preferred stock held on the exchange date.
 Chemical Bank, the transfer agent and registrar for the Series C preferred stock, will serve as the exchange agent and will notify all shareholders by mail.
 The company said that application will be made to list the new debentures for trading on NASDAQ.
 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.
 -0- 3/10/93
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/
 (TWX)


CO: Time Warner Inc. ST: New York IN: ENT SU:

PS -- NY033 -- 4634 03/10/93 11:24 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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