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Sign Up To Receive Stockholder Front Cover Documents Via E-Mail 12 1 Sherlock Holmes 2 Fortune We urge you to register to receive future 3 3 Men of a Certain Age Time Warner stockholder materials 6 4 Batman: Arkham Asylum 4 via e-mail. If you do so, when the company 5 5 Entourage distributes stockholder materials going 6 The Pacific 7 forward, you will receive an e-mail directing 89 7 CNN’s Dr. Sanjay Gupta in Haiti 8 Lopez Tonight you to these materials online. You will 10 11 9 The Mentalist also be able to submit your proxy online. 10 People By registering to receive stockholder 11 SI.com mate rials via e-mail, you will receive Back Cover information more quickly and in a more 1 The Ellen DeGeneres Show 12 convenient form than through regular mail. 2 The Wizarding World of Harry Potter In addition, sending the documents 3 InStyle electronically helps Time Warner reduce 3 4 CNN.com printing and postage expenses and helps 5 NASCAR on TNT 4 6 Big Love protect the environment. 7 HBO Boxing 567 For more information or to sign up for electronic delivery, please visit our Web site at www.timewarner.com/investors. “ We believe there will always be demand for our company’s content: good stories, well told, that engage people’s minds and emotions. We have great confidence in the future of high-quality content, in our strategic position and in our ability to enhance stockholder value.” Jeff Bewkes Chairman and CEO Time Warner / Annual Report 2009 A Message from the Chairman and CEO To Our Fellow Stockholders, Whether in film, television or while returning more than $2 billion publishing, this is an exciting time for to our stockholders through divi- the media industry. It is also a time dends and share repurchases. We of great opportunity, with changes in also became a more content- technology and consumer behavior focused company, completing spin- opening up new avenues for revenue off s of Time Warner Cable and AOL, generation and cost savings for which has enabled us to concentrate companies that have the resources all of our energy and resources on and talent to capitalize on them. what we do best— making and dis- tributing the most compelling With our industry-leading scale and branded content for traditional and some of the most admired brands emerging platforms. and franchises in media and enter- tainment, as well as strong operational In 2010, we’ll build on this foundation and financial momentum, Time Warner by continuing to develop our is well positioned to take advantage scale and brands, investing more in of these opportunities and to deliver programming and production, steady, attractive returns for our improving our eff iciency, extending stockholders over the long term. our brands internationally and accelerating the digital transition in Time Warner began 2009 with an our businesses. There’s growing Above, top to bottom: ambitious agenda, and we achieved evidence that industry trends are Curb Your Enthusiasm, The Hangover what we set out to do. We delivered increasing the value of the content strong adjusted earnings-per-share we produce. For example, as the Opposite: The Big Bang Theory growth last year, despite the worst proliferation of distribution outlets and recession in decades. Our Networks devices increases consumer choice and Filmed Entertain ment busi- and consumption, research suggests nesses posted record profits in that people are gravitating toward— 2009, driven largely by the strength and are willing to pay for—high- of our content. We strengthened quality content from trusted brands, our balance sheet in 2009, even which plays into our strengths. At our TV networks, we made miniseries from Steven Spielberg and considerable investments in original Tom Hanks, which is the companion programming last year to make to HBO’s award-winning Band them even more attractive for view- of Brothers. HBO will also debut this ers, advertisers and aff iliates. At year You Don’t Know Jack, a film Turner in 2010, we are bringing back directed by Barry Levinson and star- hit shows like TNT’s The Closer and ring Al Pacino in the title role of Leverage and developing new origi- Dr. Jack Kevorkian. nal dramas from Steven Spielberg and George Clooney, while expand- Warner Bros. delivered a record- ing our original programming lineup breaking year at the global box off ice on TBS as well. At CNN, we are con- in 2009. We are very excited and tinuing to invest in newsgathering optimistic about this year’s film slate. to deliver the most comprehensive, Tentpole releases include the sev- nonpartisan news and analysis to enth Harry Potter film; Sex and the global audiences across all plat- City 2; Inception, from Christopher forms. In addition, we’ll build on our Nolan, the director of The Dark successes at HLN, with its interview Knight; Due Date, from Todd Phillips, programs headlined by Nancy the director of The Hangover; Grace, Joy Behar and others, and at Clash of the Titans; Yogi Bear; and Above, top to bottom: CNN.com, which is the #1 news and Legend of the Guardians, a 3D, Robert Osborne and Alec Baldwin on information site on the Web. computer-generated animated film Turner Classic Movies, based on the popular young adult Real Simple At HBO in 2010, in addition to bringing book series, Guardians of Ga’Hoole. Opposite: back acclaimed and popular original We are also proud of our new IMAX CNN’s Anderson Cooper in Afghanistan series like True Blood, Entourage, movie, Hubble 3D, a film in the Big Love and Hung, we will premiere tradition of Deep Sea 3D, another two new drama series: David Simon’s IMAX release. Treme and Martin Scorsese’s Boardwalk Empire. In March 2010, At Warner Bros.’ TV production arm, HBO debuted The Pacific, the we will continue to develop and foster Time Warner / Annual Report 2009 Time Warner / Annual Report 2009 the relationships with A-list writers other devices. Similarly, Warner Bros. and directors that made us the is leading the industry by redefining #1 provider of broadcast TV program- the distribution windows for theatri- ming for 18 of the past 23 years. In cal films, such as making movies 2009, our success at the box off ice available through video-on-demand and on TV also contributed to our simultaneously or even before their #1 share in the home video business DVD releases. Time Inc. will continue for the ninth consecutive year. to work with the consortium we In 2010, we will continue to lead the formed with several other publishers transition of the home video busi- to develop a new digital storefront ness from packaged media to digital. that will enable consumers to enjoy their favorite print content on tablets At Time Inc., we have restructured and other digital devices. We view our business to improve eff iciency these devices as a key way to transi- and to weather the downturn in print tion the dual-revenue stream print advertising. As we move forward, we business model to digital—part of our will continue to distance ourselves eff ort to deliver our content wher- from our competitors by investing in ever, whenever and however people our biggest brands and outstanding want it. editorial content. Our businesses will also continue to Above, top to bottom: On the digital front, our approach expand internationally. In 2009, for TIME.com, across Time Warner is to extend our example, Time Warner acquired a Ben 10: Alien Swarm successful business models to new significant stake in Central European Opposite: True Blood digital platforms, in ways that provide Media Enterprises Ltd., a leading not only increased choice and media company in Central and Eastern convenience for consumers but also Europe. In 2010, we will continue to incremental growth for our company. expand selectively in higher-growth Turner and HBO are pioneering markets. HBO recently acquired full the TV Everywhere initiative to enable ownership of its joint venture HBO those who subscribe to television Central Europe as well as majority programming services in their homes ownership in HBO Latin America to watch their favorite programs at Group and HBO Asia. Turner, no extra charge on a wide range of which currently operates more than 100 feeds across almost 200 countries, the success of our businesses—jour- will launch new feeds in international nalistic integrity, freedom of expres- markets and add new distributors. sion, access to information, diversity of viewpoints and responsibility to Our strategy for delivering stockholder community—are also at the heart returns includes paying dividends of our role as a corporate citizen. and buying back our stock. Earlier this We are excited to continue to build year, we raised our quarterly dividend on that record of business and by 13.3% and increased our outstand- civic leadership. ing share purchase program to $3 billion. We now maintain the high- I’m very grateful to our talented and est dividend payout ratio of our peers, hardworking employees for their and we’re on pace to return even many contributions to our company. more capital to stockholders in 2010 Their creativity, professionalism than last year. and dedication make all the diff er- ence in driving our success. My We believe there will always be colleagues and I appreciate your demand for our company’s content: loyalty to Time Warner. We will good stories, well told, that engage continue to work hard to justify people’s minds and emotions. As we and reward your faith in us. write the next chapter in Time Warner’s Above, top to bottom: Sex and the City 2, story, we have great confidence Hung in the future of high-quality content, in Opposite: our strategic position and in our People iPhone app ability to enhance stockholder value.

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