Dick Parsons Quotations

We're committed to cooperating with the independent examiner as well as fulfilling all of our other obligations under the settlement,

Secular concerns that have weighed on our stock are overblown. Secular trends warrant us accelerating the program.

One of the things that has strengthened the bond between Laura and me over the years is our shared belief in giving of ourselves to improve the life of our community. We are honored to receive this award and pledge to always strive to live up to the high ideals of its namesake and those of The Jewish Theological Seminary.

Right now AOL is currently integrated into our operations, ... But if it gets to the point where consolidation is happening in the Internet space and, in order to play most efficiently, we need...our own currency, the possibility (of an IPO) is out there.

We're now in a position to do the things that I didn't think we'd be able to do till the 2005 time frame,

We wanted to move to a place where our cable company is separately structured, so we'd have cable-based currency to take advantage of further consolidation in the cable space, ... And we wanted to be able to dial up or down our ownership of cable, based on our view of the industry and of the needs of the company at a given point in time.

We like the cable business, ... We think that's a business that's going to be a consolidating business over the next couple of years and we'd like to be in a position to play in that consolidation. And I think this puts us right in the midst of it as we speak.

This transaction also underscores our commitment to a strategy of managing closely related, industry-leading businesses to maximize shareholder returns.

We are very pleased to have reached an understanding with Mr. Icahn.

As Steve is one of our major individual shareholders, we'll look forward to his wise counsel as the company continues to move forward.

Ted Turner's legendary record as a media pioneer and executive at Turner Broadcasting and Time Warner speaks for itself. He is a visionary leader who has made an extraordinary contribution to this company and, indeed, to the world at large.

As Group chairman, Jeff contributed to our recent achievements by overseeing record-breaking performances at our filmed entertainment and networks businesses, and providing critical leadership for cross-company initiatives involving the digital distribution of content.

This is a terrific transaction that is the right thing to do for both the Time Warner Book Group and our shareholders. With its record-breaking performance in 2005, the Book Group is at the top of its game. To build on this success, however, it needs the scale and other advantages that come from being part of a larger, more global book publisher. This transaction also underscores our commitment to a strategy of managing closely related, industry-leading businesses to maximize shareholder returns. We wish our Time Warner Book Group colleagues continued success and the best of luck at their new home.

This agreement is key to fulfilling our commitment to realize the potential of AOL's very large online audience. As digital technologies continue to drive industries together, the great value and opportunity inherent in Time Warner's structure and array of premier businesses becomes increasingly clear.

Although MGM is a valuable asset, we have decided to withdraw our bid. Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity.

it will become the most significant physical structure and place in the world five years from now.

I have valued partnering with Steve and am pleased he will continue to be active as a director even after he steps down as chairman in May. His extraordinary vision and unique experience will be invaluable, and I look forward to working with him for years to come.

I'm pleased to report that our company once again posted strong results for the quarter. Revenues rose 4 percent and Adjusted Operating Income before Depreciation & Amortization (in short, OIBDA, the new metric that we are using to track profitability, which is roughly comparable to EBITDA) increased 11 percent.

If (the portal strategy) works, this business looks like our publishing business, it looks like our TV business, it looks like our local cable advertising business, ... If this doesn't work, then you start to think about AOL much differently. You start to think about AOL in somewhat the same way I think about the cable company...it would have its own currency to go out and do acquisitions or other deals.

In the fourth quarter, we'll continue to extend the competitive advantages of our cable company and our other businesses to fuel growth in 2006 and beyond.

In short, our company is strong and getting stronger.

By acting now to put these matters behind us, we avoid the costs and distractions of protracted litigation, an outcome we clearly believe serves the best interest of our shareholders,