Wayne H. Pace Named TBS Inc. Executive Vice President and Chief Financial and Administrative Officer.

ATLANTA--(BUSINESS WIRE)--Oct. 14, 1996--Wayne H. Pace has been named Executive Vice President and Chief Financial and Administrative Officer for TBS Inc., it was announced today by TBS Inc. Chairman, President and CEO Terence F. McGuirk. TBS Inc. is the new Time Warner subsidiary consisting of the former holdings of Turner Broadcasting. The appointment is effective immediately.

In this newly-created position, Pace will continue to be responsible for all financial activities of the Company and will take on additional responsibilities for all administrative activities and general corporate matters. Pace will continue to be based in Atlanta and will continue to report to McGuirk.

Pace joined TBS in July 1993 as vice president, finance and chief financial officer after serving as an audit partner in the Atlanta office of Price Waterhouse where he had worked on the Turner account since 1970.

"Wayne has contributed significantly to the Company's success over the years," said McGuirk. "He has assisted in every major acquisition and refinancing Turner Broadcasting has completed since 1970, including the purchase of the MGM library and our sports teams, our acquisitions of New Line Cinema, Castle Rock Entertainment and Hanna-Barbera, and he has been an integral part of our recently completed merger with Time Warner.

"His insight into our operations, coupled with excellent leadership skills, uniquely qualify him to take on the multi-dimensional job of finance and administration," McGuirk continued. "His comprehensive knowledge of our businesses will help strengthen TBS' position in the global marketplace."

CNN Chairman, President and CEO W. Thomas Johnson said, "Wayne's service has been invaluable to our Company, and I am delighted to be able to continue working with him as we approach the ever-competitive future. He is a splendid executive."

Pace joined Price Waterhouse in 1970 after receiving his master's degree in accounting from the J.M. Tull School of Accountancy at the University of Georgia (UGA) and a bachelor's degree in accounting and economics from Austin Peay State University (APSU). He was admitted to the firm's partnership in 1981.

Pace is a member of the American Institute of Certified Public Accountants (CPAs) and the Georgia Society of CPAs. He has participated in the Distinguished Lecturers Program at the UGA College of Business and also served as past chairman of the Advisory Council for UGA's J.M. Tull School, which named him Alumnus of the Year in 1988. Austin Peay awarded Pace its Outstanding Service Award in 1993, and he currently serves as a member of the board of directors of the APSU Foundation. Pace is a native of Clarksville, Tenn.

TBS Inc., a subsidiary of Time Warner Inc., is the leading supplier of programming for the basic cable industry and a major distributor of news and entertainment product around the world.

CONTACT: TBS, Inc.

Michael Oglesby, 404/827-1792