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TIME WARNER REPORTS CHANGES ON BOARD OF DIRECTORS

 NEW YORK, Dec. 20 /PRNewswire/ -- "The size of the Time Warner Board and the proportion of management representatives on the board will be reduced," reported Gerald M. Levin, president and CEO of Time Warner Inc. "Needless to say, the loss of Steve Ross has had a profound impact on all of us. This reduction, however, is the last step in a lengthy review process that began sometime ago and concluded just yesterday. In September of this year, Steve Ross, the outside directors and I decided to establish a special committee to review and develop specific recommendations because it was our shared view that the Time Warner Board was too large and contained too many insiders. The committee's discussions with the board members showed a consensus for a board of approximately fifteen directors with a lower proportion of inside directors."
 In order to implement these conclusions and to support the downsizing, Michael Dingman and Ben Holloway, outside directors, have resigned. Martin D. Payson, vice chairman of the board, has also resigned in order to reduce the number of inside directors and has decided to leave the company after more than 20 years of distinguished service, most of it as general counsel and member of the office of the president of Warner Communications. Jason McManus will cease to serve as a director when his term expires at the 1993 annual meeting of stockholders but will remain editor-in-chief and continue to be responsible to and report to the board of directors through its editorial committee. Bert W. Wasserman will resign as a director by the 1993 stockholders meeting while continuing to serve as executive vice president and chief financial officer.
 Also, Matina Horner, an outside director of the company since 1975, has advised Mr. Levin that because of her wholehearted support of the decision to downsize the Time Warner Board, her desire to help implement it, and the need to comply with her own company's policy that allows its officers to serve on only two corporate boards, she intends to resign from the board early in 1993. Dr. Horner said that leaving the Time Warner Board at that time would free her to take on another board assignment that she has been actively considering and that is of special interest to her.
 "We are particularly indebted to each of the individuals who will be leaving the board. They served during a formative moment in the company's history and have made unique contributions to its future. Thanks to their service, Time Warner is better positioned than ever before to achieve its strategy for growth," Mr. Levin said. "Especially on this sad day, the remaining board members are fully committed to working together to realize Steve's vision of this company as the world's leader in media and entertainment."
 The remaining members of the Time Warner Board will be: Gerald M. Levin, Merv Adelson, Lawrence B. Buttenwieser, Hugh F. Culverhouse, Edward S. Finkelstein, Beverly Sills Greenough, Henry Luce III, J. Richard Munro, Richard D. Parsons, Donald S. Perkins, Raymond S. Troubh, and William J. vanden Heuvel.
 Time Warner is the world's leading media and entertainment company, with interests in magazine and book publishing, recorded music and music publishing, filmed entertainment and cable television and cable television programming.
 -0- 12/20/92
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/


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

MA -- NYSU007 -- 8550 12/20/92 18:30 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 20, 1992
Words:570
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