Time Warner Inc. elects J. Carter Bacot to the board.

NEW YORK--(BUSINESS WIRE)--Nov. 21, 1996--J. Carter Bacot, the chairman and chief executive officer of The Bank of New York Company, Inc. and Chairman of The Bank of New York, was elected today to the Time Warner Board of Directors. Bacot fills a seat that had been designated for selection by

In making the announcement, Time Warner Chairman and CEO Gerald M. Levin said, "Carter Bacot is an exceptional business and civic leader. The Time Warner Board will benefit from his financial acumen and his career-long banking and business experience. Both his expertise and his vision will add a new dimension to our distinguished board."

Mr. Bacot joined The Bank of New York in 1960. He became a vice president and head of the bank's Investment Research Department in 1967, head of the Personal Trust Department and assistant head of the Trust Division in 1970, and senior vice president in 1972, again heading Investment Research. After being elected president of the Bank in 1974, he was named vice chairman of the holding company in 1975 and president of it in 1979. He was elected to his present position in January 1982.

Mr. Bacot is a trustee of Hamilton College, the Atlantic Mutual Insurance Co. and The Economic Club of New York. He is a director of the Federal Reserve Bank of New York, Associates First Capital Corporation, Atlantic Reinsurance Co., Centennial Insurance Co., Phoenix Home Life Mutual Insurance Co., and the Woolworth Corporation. He is also a director of the Josiah Macy, Jr. Foundation and The Philharmonic-Symphony Society of New York, Inc. and is chairman of the United Way of New York City. Mr. Bacot is a member of The Institute of Chartered Financial Analysts, the New York State Bar Association, the Council on Foreign Relations, the Bankers Roundtable and the New York City Partnership, Inc.

Mr. Bacot is a native of Utica, New York, and a graduate of Hamilton College (1955) and Cornell Law School (1958).

Time Warner Inc., the world's leading media and entertainment company, consists of four fundamental businesses: entertainment, cable networks, publishing and cable, with interests in filmed entertainment, television production, broadcasting, recorded music, music publishing, cable-television programming, magazines, book publishing and cable-television systems. -0-

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CONTACT: Time Warner Inc.

Edward Adler, 212/484-6630