For Immediate Release

       TIME WARNER RAISES $1.5 BILLION FOR DEBT REDUCTION

            --Debt Reduction Program at $3.1 billion--

NEW YORK, Apr. 2, 1996 - Time Warner Inc. today raised $1.5 billion
for debt reduction by pricing its offering of exchangeable preferred 
stock under rule 144A, it was announced by Time Warner Chairman and CEO 
Gerald M. Levin.

In making the announcement, Levin said, "By realizing the cash value
of a portion of our preferred equity in Time Warner Entertainment,
we will bring our debt reduction program to $3.1 billion.  
Our debt reduction efforts have strengthened our balance sheet, 
demonstrating our continuing commitment to an investment-grade 
rating.  As we go forward, we will continue to work toward 
further strengthening our balance sheet and improving our ratios."

The offering will consist of 1.5 million shares of 10-1/4% Series K
Exchangeable Preferred Stock with an aggregate liquidation
preference of $1.5 billion.

The securities will initially be offered in a private placement under
rule 144A, will not be registered under the United States Securities
Act of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.

This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be an offer or sale of
the securities in the proposed offering in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.

Time Warner Inc., the world's leading media company, consists of three
fundamental businesses:  entertainment, news and information and
telecommunications with interests in filmed entertainment, television
production, broadcasting, recorded music and music publishing, cable
television programming, theme parks, magazine and book publishing, and 
cable television.