Turner Broadcasting System Announces SuccessfulConsent Solicitation.

NEW YORK--(BUSINESS WIRE)--Dec. 5, 1997--Turner Broadcasting System, Inc. (TBS), a Time Warner subsidiary, announced today that as of 2:00 p.m., EST, on December 5, 1997, it had received consents with respect to a majority of the $750 million of debt securities outstanding under TBS's indenture

Accordingly, subject to the terms and conditions set forth in the Consent Solicitation Statement dated November 13, 1997, TBS, Time Warner, Time Warner Companies, Inc., a Time Warner subsidiary, and the Indenture trustee have signed a supplemental indenture implementing the amendments to the Indenture described in the Consent Solicitation Statement. Withdrawal rights under the consent solicitation expired at 2:00 p.m., EST, today, December 5, 1997. Holders who have not yet consented to the amendments to the Indenture may do so until 5:00 p.m., EST, today, December 5, 1997.

The consent solicitation is subject to the terms and conditions set forth in the Consent Solicitation Statement dated November 13, 1997.

Merrill Lynch & Co. (1-888-654-8637 toll free) is acting as solicitation agent. D.F. King & Co. (1-800-431-9633 toll free) is the information agent. The Chase Manhattan Bank (1-214-672-5678) is acting as the tabulation agent.

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, sports franchises, magazines, book publishing and cable-television systems.

To receive a copy of this press release through the Internet, access Time Warner's corporate website located at http://timewarner.com

CONTACT: Time Warner, New York

Edward Adler, 212/484-6630