Time Warner Acquires Liberty Media's 50% Stake in Court TV for $735 Million

Time Warner now owns Court TV in its entirety. Court TV willoperate as part of Turner Broadcasting System Inc., within itsentertainment division, under the direction of entertainment grouppresident, Mark Lazarus. Seen in 86 million households, Court TVcovers all aspects of the U.S. system of justice and is the leadingproducer of original programming in the crime and justice genre aswell as other content, which appear on its network and popular Websites as well as, increasingly, new distribution platforms.

Time Warner Chairman and CEO Dick Parsons said: "Acquiring all ofCourt TV represents a strategic investment in one of Time Warner'smost successful lines of business - our news and entertainment cablenetworks. We're confident that Court TV will continue its top-notchperformance and become an important contributor to our growth. We lookforward to working with our friends at Liberty Media in the future."

Liberty Chairman John C. Malone said: "We have enjoyed our longassociation with Court TV and its exceptional management team. Thebusiness has created tremendous value for our shareholders. We wishHenry Schleiff and his team well and have no doubt Court TV willcontinue its strong track record of success and value creation forTime Warner's shareholders."

Henry Schleiff, who served as Court TV's chairman and CEO, will bethe network's non-executive chairman for the next six months, focusedon Court TV's transition to Turner and the network's public serviceinitiatives.

Liberty President and CEO Gregory B. Maffei said: "We've enjoyedbuilding Court TV with Henry and Time Warner, and we'll welcome theopportunity to work together again. Liberty is pleased with the valuecreated for our shareholders by this business and transaction."

Time Warner President and COO Jeff Bewkes said: "Let me expressour appreciation to Henry Schleiff for his keen vision and inspiredleadership at Court TV. Court TV has made outstanding progress in itsprogramming, marketing and distribution operations. Turner's presenceand relationships will help us further strengthen Court TV'scompetitive position."

Phil Kent, Chairman and CEO, Turner Broadcasting System, said:"Court TV's established brand, programming franchises and robust newmedia extensions complement our successful branded entertainment andnews networks and businesses. This integration into Turner will ensureCourt TV's future growth and success, as well as make our portfoliostronger."

About Court TV

Court TV(R) provides a window on the American system of justicethrough distinctive programming that both informs and entertains.Court TV Networks(SM) is comprised of Court TV News(SM), whichprovides live trial coverage in daytime; and Court TV: SeriouslyEntertaining(SM) in primetime, featuring investigative drama, expertreality and relevant non-fiction series. Court TV is seen in 86million homes. Court TV operates three distinct Web sites: CourtTV.comprovides network information, news and features on trials, videoarchives, chats, the Court TV store and bookstore, plus a specialsection on educational resources and public affairs. The phenomenallypopular Web site TheSmokingGun.com offers an irreverent look at thelaw, justice and celebrities. CrimeLibrary.com is a vast collection offiction and non-fiction stories on criminal justice. Court TVExtra(SM), a subscription Web-based service, offers viewers aninteractive opportunity to watch multiple live trials on the Internetwhile accessing the tremendous resources of Court TV Online.

About Liberty Media Corporation

Liberty owns a broad range of electronic retailing, media,communications and entertainment businesses and investments. It ownsor has interests in some of the world's most recognized and respectedbrands and companies, including QVC, Encore, Starz,IAC/InterActiveCorp, Expedia and News Corporation.

About Time Warner Inc.

Time Warner Inc. is a leading media and entertainment company,whose businesses include interactive services, cable systems, filmedentertainment, television networks and publishing.

About Turner Broadcasting System, Inc.

Turner Broadcasting System, Inc., a Time Warner company, is amajor producer of news and entertainment product around the world anda leading provider of programming to the basic cable industry.

Turner Press Call Information

Turner's President and CEO Phil Kent and Mark Lazarus, Presidentof Turner Entertainment Group, will conduct a conference call withmembers of the media on Friday, May 12th at 2 pm. Please call1-888-989-5313 and use the following passcode: TURNER (Leader: PhilKent).

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act of 1995.These statements are based on management's current expectations orbeliefs, and are subject to uncertainty and changes in circumstances.Actual results may vary materially from those expressed or implied bythe statements herein due to changes in economic, business,competitive, technological and/or regulatory factors, and otherfactors affecting the operation of the businesses of Time Warner Inc.and Liberty Media Corporation. More detailed information about thesefactors may be found in filings by Time Warner and Liberty Media withthe Securities and Exchange Commission, including their most recentAnnual Report on Form 10-K and Quarterly Report on Form 10-Q. TimeWarner and Liberty Media are under no obligation to, and expresslydisclaim any such obligation to, update or alter its forward-lookingstatements, whether as a result of new information, future events, orotherwise.