Turner Broadcasting System, Inc. and Simon Property Group Form Strategic Alliance to Produce New In-Mall Retail Entertainment Network.

ATLANTA--(ENTERTAINMENT WIRE)--Nov. 17, 1999--

Turner Broadcasting System, Inc. (TBS, Inc.), the leading provider of news, entertainment and sports programming in the television industry, and Simon Property Group (NYSE: SPG), the nation's largest mall owner and operator, will combine resources and expertise in a strategic alliance designed to develop a private, retail entertainment network that will feature original and branded programming from the stable of TBS, Inc. networks, including CNN, TNT and Cartoon Network. The to-be-named new venture is tentatively scheduled to begin rolling out to Simon malls across the country by the end of 2000. The alliance was jointly announced today by Steven J. Heyer, president and chief operating officer (COO) of TBS, Inc., and David Simon, chief executive officer (CEO) of Simon Property Group.

The entertainment network, the first-ever live, multi-media platform of its kind, will integrate the Internet and other technology platforms. This will enable the companies to interact with both brand marketers and 100 million shoppers who make 2.3 billion annual visits to Simon malls. Specific components of this live media network include:

--   An exclusive in-mall television network showcasing both original
     content and Turner networks-branded programming relevant to
     shoppers and the shopping experience;
--   A Web site that enables shoppers to customize their shopping
     experience through one-on-one communication and commerce
     offerings;
--   Live in-mall entertainment and informational events targeted to
     shoppers;
--   Interactive media stations for consumers to access the Internet
     and receive value-added offerings;
--   A mall-distributed magazine;
--   An interactive "family zone," a family-friendly Cartoon
     Network-branded environment that will offer interactive games,
     animation programming, concessions and commerce;
--   An expansion of Simon's MALLPeRKS(R) shopper affinity program.

"Our alliance with Simon unites two industry leaders with complementary assets, vision and cultures," said Heyer. "Combining the programming and sales expertise of Turner Broadcasting with Simon's retailing and development strength will create a unique entertainment and information environment targeted to the most demographically desirable consumers in the country. This venture will provide Turner with yet another opportunity to strengthen the strategic connections that our networks and brands have with our viewers."

The TBS, Inc. and Simon alliance provides an off-channel opportunity for Turner Broadcasting to further leverage its unparalleled portfolio of network brands and businesses, which includes TBS Superstation, TNT, Cartoon Network, Turner Classic Movies, Turner South, CNN, CNN Headline News, CNN Interactive, CNNfn, CNN/Sports Illustrated, World Championship Wrestling (WCW), the Atlanta Braves, the Atlanta Hawks, the Atlanta Thrashers and the Goodwill Games. The venture will also advantage other business units of TBS, Inc.'s parent company, Time Warner Inc., whose wide-ranging assets as the world's leading media company include Warner Bros. film and television entertainment and consumer products, Time Inc. magazines, Warner Music Group and Warner Bros. Consumer Products, which oversees the Warner Bros. retail stores.

"Our alliance with Turner will provide brand marketers and sponsors live marketing platforms in which they can drive brand awareness by delivering high-impact, multi-media messages to our customer base," said Simon. "Through this network we will be providing brand marketers the opportunity to surround the consumer at the point of both physical and virtual commerce."

The creation of this retail entertainment network, produced jointly by TBS, Inc. and Simon, strengthens the position of Simon malls as a live marketing medium for major consumer brands including Visa, Pepsi, AT&T and the Ford Motor Company. The new retail entertainment network will provide brand marketers with the opportunity to interact with shoppers at the point-of-sale through a multi-media entertainment forum. In addition, retailers can utilize the retail entertainment network as an additional avenue to communicate offerings and further establish brand mind share with Simon shoppers.

Simon's partnership with TBS, Inc. creates opportunity to continue to pioneer new mall-based entertainment for shoppers and complement existing Simon customer offerings, including the MALLPeRKS(R) affinity program and S, a mall-branded magazine, with programming and promotions targeted to specific locations that will drive high levels of mall traffic and broaden Simon's competitive advantage. The addition of this new retail entertainment network will also provide Simon an opportunity to further deliver on its commitment to provide the highest quality shopping experience for its shoppers.

"This alliance will enable two industry leaders with a track record of developing innovative entities with the opportunity to develop an unprecedented model of space and place convergence," said Drew Sheinman, senior vice president of marketing and business development of Simon Brand Ventures. "The new live media network will integrate live events, broadcast programming, print, interactive and e-commerce to provide brand marketers with a vehicle to engage in one-on-one communication with a broad base of shoppers."

Simon Property Group, Inc. headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 256 properties containing an aggregate of 181 million square feet of gross leasable area in 36 states and five assets in Europe. Together, with its affiliated management company, Simon owns or manages approximately 188 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty consultants, Inc. Additional Simon Property Group information is available at www.simon.com.

Simon Brand Ventures is the world's largest and most sophisticated mall marketing initiative with major national recognized brands such as VISA, Pepsi and AT&T among others. Simon Brand Ventures' mission is to provide access to more products, services, discounts, and benefits in any one Simon mall location than anywhere else in the world.

Turner Broadcasting System, Inc., a subsidiary of Time Warner Inc., is a major producer of news and entertainment around the world and the leading provider of programming for the basic cable industry.

NOTE TO EDITORS: Steven Heyer and David Simon will discuss the announcement during a teleconference held for the media today, Wednesday, November 17, at 12:15 p.m. (ET). To participate in the teleconference, dial No. 888-318-6430. Provide the operator with the security code: Simon/Turner call.