<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)