<ARTICLE> 5                                                      Exhibit 27
<LEGEND>  

                          TIME WARNER COMPANIES, INC.
                           FINANCIAL DATA SCHEDULE


     This schedule contains summary financial information extracted 
from the financial statements of Time Warner Companies, Inc. for the 
nine months ended September 30, 1996 and is qualified in its entirety 
by reference to such financial statements.

</LEGEND>
<MULTIPLIER> 1,000,000
       
                                          
<PERIOD-TYPE>                      9-MOS
<FISCAL-YEAR-END>                  DEC-31-1996
<PERIOD-START>                     JAN-01-1996
<PERIOD-END>                       SEP-30-1996
<CASH>                                           402
<SECURITIES>                                       0
<RECEIVABLES>                                  2,175
<ALLOWANCES>                                     759
<INVENTORY>                                      475
<CURRENT-ASSETS>                               3,243
<PP&E>                                         2,522
<DEPRECIATION>                                 1,017
<TOTAL-ASSETS>                                24,467
<CURRENT-LIABILITIES>                          2,772
<BONDS>                                        9,949
<COMMON>                                         385
<PREFERRED-MANDATORY>                          1,629
<PREFERRED>                                       36
<OTHER-SE>                                     3,159
<TOTAL-LIABILITY-AND-EQUITY>                  24,467
<SALES>                                        6,364
<TOTAL-REVENUES>                               6,364
<CGS>                                          3,809
<TOTAL-COSTS>                                  3,809
<OTHER-EXPENSES>                                   0
<LOSS-PROVISION>                                   0
<INTEREST-EXPENSE>                               688
<INCOME-PRETAX>                                 (172)
<INCOME-TAX>                                      43
<INCOME-CONTINUING>                             (215)
<DISCONTINUED>                                     0
<EXTRAORDINARY>                                  (35)
<CHANGES>                                          0
<NET-INCOME>                                    (250)
<EPS-PRIMARY>                                  (1.11)
<EPS-DILUTED>                                  (1.11)