Warner Media (TWX) 8-K Other Events

EXHIBIT 12.1

Time Warner Inc.
Ratio of Earnings to Fixed Charges
(Dollars in millions)

	2010			2009			2008			2007			2006
Earnings:
Net Income (Loss) from continuing operations before income taxes, discontinued operations and cumulative effect of accounting change	$	3,919		$	3,237		$	(4,397	)	$	2,746		$	3,165
Interest expense(2)(3)		1,277			1,521			2,499			2,565			2,019
Amortization of capitalized interest		1			2			3			2			1
Portion of rents representative of an interest factor(4)		138			176			234			239			238
Adjustment for equity earnings or losses of investee companies, net of cash distributions		38			74			21			49			62
Total earnings (loss)	$	5,373		$	5,010		$	(1,640	)	$	5,601		$	5,485
Fixed Charges:
Interest expense(2)(3)	$	1,277		$	1,521		$	2,499		$	2,565		$	2,019
Capitalized interest(5)		2			1			1			15			17
Portion of rents representative of an interest factor(4)		138			176			234			239			238
Total fixed charges	$	1,417		$	1,698		$	2,734		$	2,819		$	2,274
Ratio of earnings to fixed charges		3.8	x		3.0	x		—	(1)		2.0	x		2.4	x

(1)	For the ratio of earnings to fixed charges to equal 1.00, earnings must increase by $4.374 billion.
(2)	Earnings and fixed charges exclude accrued interest on uncertain tax positions that is included in income tax expense.
(3)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $218 million, $970 million, $916 million and $593 million, respectively, related to discontinued operations.
(4)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $29 million, $78 million, $80 million and $67 million, respectively, related to discontinued operations.
(5)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, amounts include $0 million, $0 million, $1 million, $5 million and $2 million, respectively, related to discontinued operations.