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Bewkes Gets Contract Extension Through 2017

Time Warner said on Tuesday that chairman and CEO Jeff
Bewkes' contract has been extended for five years.

The new deal runs through 2017, the company said.

Bewkes was named chairman and CEO in 2009. He has overseen
the spinoffs of Time Warner Cable and AOL into separate companies, leaving Time
Warner to function as a content company operating in the TV, motion picture and
publishing business.

He has also been an early advocate of TV Everywhere, which
combats piracy and cord-cutting by allowing consumers to watch content whenever
they want on whatever devices they want, so long as they subscribe to a channel
like TNT or HBO through a distributor such as a cable operators, satellite
provider or telco.

"Speaking on behalf of the board of directors, we are very
pleased that Jeff has signed on to lead Time Warner for another five years," Stephen
Bollenbach, lead independent director of the Time Warner board of directors said
in a statement. "Jeff is a proven visionary when it comes to navigating the
digital landscape. Since becoming CEO in 2008 he has led the transformation of
the Company into a content-focused powerhouse while at the same time significantly
increasing shareholder value."

The company said that Bewkes' base salary and bonus target
will be unchanged and that the contract contains long-term incentive awards
tied to financial and shareholder returns.

"With Time Warner's exceptional management team we have
created some of the most compelling content in the world, we have led the way
in developing new business models that capitalize on emerging consumer trends,
we've expanded our reach internationally and we've improved the operating and
the capital efficiency of the Company," Bewkes said in a statement.   I'm even more confident about what we'll achieve
over the next five years."