WB Press Release

AOL TIME WARNER TO CREATE NEW TV NETWORKS GROUP UNDER TURNER BROADCASTING UMBRELLA, INCLUDING BASIC CABLE NETWORKS AND THE WB BROADCAST NETWORK

Jamie Kellner, Founder and CEO of The WB, Named Chairman and CEO of Turner Broadcasting; Former Chairman and CEO Terence McGuirk Takes on New Role As Vice Chairman

BURBANK, CA (March 6, 2001)

AOL TIME WARNER TO CREATE NEW TV NETWORKS GROUP UNDER TURNER BROADCASTING UMBRELLA, INCLUDING BASIC CABLE NETWORKS AND THE WB BROADCAST NETWORK

Jamie Kellner, Founder and CEO of The WB, Named Chairman and CEO of Turner Broadcasting; Former Chairman and CEO Terence McGuirk Takes on New Role As Vice Chairman

Creates World's Largest TV Networks Group With Unsurpassed Reach To All Key Demographics; Networks to Share Advertising, Marketing, Program Development and Internet Resources,

Plus Increased Cross-Promotion Opportunities

Kellner Brings Stellar Track Record of Building Networks With Breakthrough Programming, Marketing, Branding and Distribution Strategies

Move Will Accelerate Networks' Growth and Extend Market Leadership By Better Serving Partners, Creative Community and Consumers with Unmatched Combination of Broadcast and Cable Offerings

ATLANTA, GA – AOL Time Warner (NYSE: AOL) announced today that it will create a new TV networks group under the Turner Broadcasting System umbrella, which will include both Turner's basic cable networks and The WB broadcast network, and become the world's largest television networks group.

The expanded TV networks group will share advertising, marketing, program development and Internet resources, and gain valuable new cross-promotion opportunities. The group also will launch new networks, extend its Internet reach, and provide an unsurpassed level of service to its business partners, the creative community and consumers around the world. Underscoring the promise of the AOL Time Warner merger, this realignment will enable the Company's group of leading branded networks to accelerate its growth and extend its market leadership – maximizing the value of the networks to AOL Time Warner's shareholders and its partners.

Jamie Kellner, the CEO and founder of The WB, has been named Chairman and CEO of Turner Broadcasting. In 1993, Mr. Kellner founded The WB Television Network in a joint venture that included Warner Bros., Tribune Company and himself. Previously, Mr. Kellner helped found and build the Fox network as President and Chief Operating Officer of the Fox Broadcasting Company.

The Company announced that Terence McGuirk, Chairman and CEO of Turner Broadcasting, had decided to step back from a direct operating role at the Company; however, he has agreed to become Vice Chairman. Mr. McGuirk will work closely with Mr. Kellner on the transition and other key initiatives.

By grouping all its broadcast and basic cable television networks under one management team, AOL Time Warner will bring together a one-of-a-kind networks group with unmatched reach and complementary demographics. As a result of the realignment, the expanded networks group will draw on greater shared resources to provide coordinated, innovative and effective media services and marketing programs to its advertisers and partners. In addition, the expanded networks group will have greater flexibility to develop cross-promotions and targeted initiatives for a full range of demographics – from kids, to teens, to adults in all categories – as well as to improve its program development and acquisition efforts, in order to better serve cable operators, broadcast affiliates, producers and production partners.

The new networks group will operate many of the most powerful and well-established brands in entertainment, including TBS Superstation, TNT, The WB, Cartoon Network, Kids' WB!, Turner Classic Movies, Turner South, CNN/U.S., CNN Headline News, CNNfn, CNN/SI, CNNRadio, and Boomerang, as well as the Atlanta Braves, Atlanta Hawks, Atlanta Thrashers, The Goodwill Games, and the Company's many international language-specific networks and other businesses.

Bob Pittman, AOL Time Warner Co-Chief Operating Officer, said: "Grouping these networks under one management team makes enormous sense, given the natural synergies between our broadcast and basic cable networks. This move puts us in a better position to super-serve all of our constituencies – from advertisers and business partners, to cable operators, broadcast affiliates and the creative community. We'll be even more nimble and responsive to the market, building on the great tradition of innovation begun by Ted Turner and Terry McGuirk that is at the heart of the company. Turner Broadcasting has enormous opportunities to achieve accelerated growth through the leveraging of AOL Time Warner's shared resources. And we have now improved our ability to capture these opportunities for AOL Time Warner's shareholders and our partners. I want to add my thanks to Terry for his outstanding contributions and the leadership he's shown at the helm of Turner Broadcasting."

Ted Turner, AOL Time Warner Vice Chairman, said: "Terry and I have been close friends since I brought him into the company nearly 30 years ago. We could not have created the world's most respected news organization and the most successful cable networks in the US without Terry's vision, leadership, hard work and dedication. He has my gratitude and deep respect as a colleague and friend. Although I'm sad to see him cut back his responsibilities, I'm pleased he's remaining in the company and I'm excited that we've recruited Jamie into the new CEO role."

Mr. Pittman continued: "I have known Jamie Kellner for 20 years and I believe he is the ideal person to continue the aggressive Turner growth strategy begun under Ted and Terry. He is a true entrepreneur, with a great blend of creative and business skills. He has an outstanding track record of building networks at both The WB and Fox. Under his dynamic leadership, The WB has been one of the most exciting new forces in television, growing to become a major broadcast network in record time. I look forward to working with Jamie and the rest of the newly expanded Turner team, as we continue building this business. I have great confidence that Jamie's leadership, vision and ability to deliver results will continue the momentum of the members of the Turner team.

Mr. Pittman said: "After Terry McGuirk told me of his decision to step back from his daily operating role, we decided that Jamie Kellner was the perfect choice to become CEO of an expanded group of networks including The WB. We're delighted that we were able to put such a capable and innovative executive into this job, while finding another catalyst for the growth of our TV networks. Although I will miss working with Terry on a daily basis, I am excited that he will stay engaged in the Company as our new team together leads us to great heights."

Jamie Kellner said: "Leading Turner Broadcasting is one of the most exciting jobs in the television business. Turner has the most respected and well-established brands in entertainment, news and sports on TV, and now on the Internet. Together with all the talented people at Turner, our job today is to continue building the tremendous momentum behind our broadcast and cable networks while, at the same time, we create new networks and products. Having Terry McGuirk as a partner will be a tremendous plus, as we move to capitalize on the extraordinary opportunities available to us through the AOL Time Warner merger."

Terence McGuirk said: "After more than 28 years at Turner Broadcasting, I have decided to step back from a direct operating role with the Company. Given all the exciting things we are doing at Turner Broadcasting, this decision was not an easy one. But I have thought about this move for some time, and I believe that this is the right time to strike a balance between my personal interests and those of my family and my role in helping to guide the continued growth of our Company. I did not want to make this move until I was sure that the Company would have the right management team in place to continue to move Turner Broadcasting forward. That is why I'm so happy that Jamie Kellner has agreed to head Turner Broadcasting. I have known Jamie on a personal and professional level for many years and know he will be a great fit with Turner. As Vice Chairman with an active role in the transition and future projects, I'm tremendously excited about working with Jamie to take Turner to the next level."

In addition to the appointment of Mr. Kellner, AOL Time Warner announced Wayne Pace, Chief Financial Officer and Chief Administrative Officer of Turner Broadcasting System, will take on the added role and responsibilities of Vice Chairman. Turner President and Chief Operating Officer Steven Heyer will be leaving the Company to pursue other interests.

The Company said that Mr. Kellner will relocate his family to Atlanta to oversee the expanded Turner operations. The WB Networks will remain headquartered in Los Angeles, where Turner also has a studio and office facilities.

About Jamie Kellner

A pioneer in television development, Mr. Kellner has built two broadcast television networks, The WB and Fox, and two successful children's networks, Kids' WB! and Fox Kids Network.

In July of 1993, Mr. Kellner formed The WB Television Network in a joint venture between Warner Bros., the Tribune Company and himself. In the six years since The WB launched on July 11, 1995, Mr. Kellner has built it into the destination network for the ages 12 to 34 demographic, with the #1 ranking among teen female viewers for four straight seasons and affiliates increasing fourfold to 219 television stations covering 88 percent of the country. Under his leadership, The WB has developed such hit series as "Dawson's Creek," "Buffy the Vampire Slayer," "Felicity" and "Seventh Heaven." Since its inception, The WB has launched eight series that have gone into syndication, a record unmatched by any other network over a comparable time span.

Mr. Kellner began his network-building experience as President and Chief Operating Officer of the Fox Broadcasting Company from 1986 through 1993. Over his career, he has created the first network-affiliated local cable stations (Fox Net), the first local cable television station group in markets 100-211 (The WB 100+ Station Group) and ACME Communications, a broadcast station group comprised of affiliates of the WB in the top 100 markets that successfully went public in September 1999. Mr. Kellner will continue to serve as Chairman and CEO of ACME Communications.

Earlier in his career, Mr. Kellner worked at Orion Pictures for seven years, where he was president of the Orion Entertainment Group. Prior to that, Mr. Kellner was at Viacom Enterprises, as vice president in charge of first-run programming, development and sales.

About Turner Networks

The expanded networks group has strong growth momentum, as highlighted by:

* For the November 2000 sweeps ratings period, The WB scored the highest year-to-year increases of any network in almost every demographic category. It also recorded its highest adult men and women 18-34 ratings ever for any sweeps period. The WB continued its outstanding performance this past February sweeps by leading all networks in growth among the advertiser-coveted adult 18-34 and 18-49 demographics.

* Turner Broadcasting is the leading revenue producer in basic cable, with three of the five top-rated basic cable networks and networks that are ratings leaders in virtually all key demographics categories.

* TBS Superstation, the most watched network on basic cable for 24 consecutive years, became the first cable household to reach 80 million US households in fall 2000.

* TNT aired three of the top five original movies on basic cable in 2000.

* The global leader in animation, the Cartoon Network possesses the world's largest animation libraries and now is available to more than 120 million households in 145 countries. In the US, the Cartoon Network is experiencing the fastest-growing ratings on basic cable and reached #1 last year for the first time in quarterly primetime household ratings among ad-supported cable networks.

* Kids' WB! is the number one broadcast network in children's programming for the second straight year.

* CNN is the most watched 24-hour news network. Along with CNN Headline News and CNN International, the world's only global, 24-hour news network, CNN reaches more than a billion people worldwide, and the CNN Web sites generate more traffic than any other news competitor.

* With more than 40 million US subscribers, Turner Classic Movies has emerged as a global brand with the launch of language-specific feeds in Poland, Spain, France and the UK, as well as regional feeds in Scandinavia, the Netherlands, Eastern Europe, Africa, and the Middle East.

* Turner South, Turner's first regional entertainment network launched in late 1999, now reaches 3.6 million homes in six southern states.

About AOL Time Warner

AOL Time Warner (NYSE:AOL) is the world's first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, TV networks and filmed entertainment.