More detailed information about these factors is
set forth in filings by AOL Time Warner, America Online and Time Warner with the
Securities and Exchange Commission. None of AOL Time Warner, America Online or
Time Warner is under any obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements, whether as a
result of new information, future events or otherwise 4 DULLES, VA and NEW YORK,
NY, May 4, 2000-Steve Case, Chairman and Chief Executive Officer of America
Online, Inc., and Gerald M. Levin, Chairman and Chief Executive Officer of Time
Warner Inc., today announced the management team and organization of AOL Time
Warner, which will take effect when the merger closes in the fall.
Mr. Case, who
will become AOL Time Warner's Chairman of the Board, and Mr. Levin, who will
become Chief Executive Officer, said that this organization will make the best
use of talent across the combined company and speed the integration of its
rapidly converging Internet, media and communications businesses, as well as
position AOL Time Warner to capitalize quickly on opportunities presented by the
Internet's next wave of growth. AOL Time Warner will be organized around its
core growth driversÐsubscription services, advertising and commerce, and content
Ñ to maximize the value of the company's unique combination of brands and other
assets, and to drive future growth. Bob Pittman, currently America Online's
President and Chief Operating Officer, will become AOL Time Warner's Co-Chief
Operating Officer and oversee the subscription services and advertising and
commerce businesses. Dick Parsons, currently Time Warner's President, will also
become Co-Chief Operating Officer of AOL Time Warner and oversee its content
businesses in film, television production, music and books, as well as two key
corporate functions, Legal and People Development. Ted Turner, currently Time
Warner's Vice Chairman, will become Vice Chairman of AOL Time Warner and will
assume the additional title of Senior Advisor. In this new role, Mr. Turner will
work closely with Messrs. Case, Levin, Pittman and Parsons across all of the new
company's operations.
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