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TIME WARNER REPORTS RESULTS

 NEW YORK, Jan. 21 /PRNewswire/ -- Time Warner Inc. (NYSE: TWX) today announced that it will redeem 45,000,000 shares, or approximately $2.5 billion, of its Series D 11 percent convertible exchangeable preferred stock. The redemption date is Feb. 5, 1993.
 The Time Warner board of directors today also authorized the future repurchase or redemption of the approximately 20 million remaining shares of Series D 11 percent convertible exchangeable preferred stock although any action will depend on a number of factors.
 In making the announcement, Time Warner CEO and President 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 result in a positive impact on operating results for our common shareholders and will also reduce the future number of potential outstanding Time Warner common shares."
 The redemption price per share of Series D 11 percent convertible exchangeable preferred stock is $53.85 plus $.5347 of accrued and unpaid dividends to the redemption date or a total of $54.3847 per share. There are approximately 65 million shares of Series D 11 percent convertible exchangeable preferred stock outstanding. The 45 million shares to be redeemed will be selected by Chemical Bank through a random process and those shareholders will be notified by mail.
 Chemical Bank, the transfer agent and registrar for the Series D preferred stock, will act as the paying agent.
 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- 1/21/93
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/
 (TWX)


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

PS -- NY009 -- 7231 01/21/93 08:39 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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