Time Warner LLC Announces Intent to Delist 1.95% Notes Due 2023 from the NYSE

Time Warner LLC (“Time Warner”) today
announced that it has notified the New York Stock Exchange (“NYSE”)
of its intention to delist voluntarily its 1.95% Notes due 2023 (the “Notes”)
from the NYSE, as well as to deregister the Notes from registration with
the Securities and Exchange Commission (“SEC”)
following the consummation of Time Warner Inc.’s merger with AT&T Inc. (“AT&T”).
The Notes are guaranteed directly or indirectly by Time Warner’s
subsidiaries Historic TW Inc., Home Box Office, Inc. and Turner
Broadcasting System, Inc. The guarantees of the Notes will also be
withdrawn from registration with the SEC concurrent with the
deregistration of the Notes. These actions do not affect the terms of
the Notes and the guarantees.

As previously announced, on October 22, 2016, Time Warner Inc. and AT&T
entered into an Agreement and Plan of Merger (the “Merger
Agreement”) pursuant to which AT&T acquired Time Warner Inc. on
June 14, 2018 in a stock-and-cash transaction. Time Warner has decided
to delist the Notes in connection with the transactions contemplated by
the Merger Agreement.

About Time Warner LLC

Time Warner LLC, a global leader in media and entertainment with
businesses in television networks and film and TV entertainment, uses
its industry-leading operating scale and brands to create, package and
deliver high-quality content worldwide on a multi-platform basis.

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