EXHIBIT 21 Time Warner maintains over 1,000 subsidiaries. Set forth below are the names of certain subsidiaries, at least 50% owned, directly or indirectly, of Time Warner and TWE as of December 31, 1999 (unless otherwise indicated), which carry on a substantial portion of Time Warner's lines of business. The names of various consolidated wholly owned subsidiaries, including subsidiaries carrying on the same line of business as the parent (including entertainment and news production and distribution, music publishing, recorded music and video distribution, magazine and book publishing and distribution, and cable television), domestically and internationally, have been omitted. None of the foregoing omitted subsidiaries, considered either alone or together with the other subsidiaries of its immediate parent, constitutes a significant subsidiary. Indented subsidiaries are direct subsidiaries of the company under which they are indented. PERCENTAGE STATE OR OTHER OWNED BY JURISDICTION OF IMMEDIATE INCORPORATION NAME PARENT OR ORGANIZATION ---- ------ --------------- TIME WARNER INC. (Registrant)............................... Delaware Turner Broadcasting System, Inc. ......................... 100 Georgia Turner Arena Productions and Sales, Inc. ............... 100 Georgia Atlanta Hockey Club, Inc. .............................. 100 Georgia Atlanta National League Baseball Club, Inc. ............ 100 Georgia Hawks Basketball, Inc. ................................. 100 Georgia CNN Investment Company, Inc. ........................... 100 Delaware Cable News Network LP, LLLP........................... 100(1) Delaware Cable News International, Inc. ....................... 100 Georgia CNN America, Inc. .................................... 100 Delaware CNN Newsource Sales, Inc. .............................. 100 Georgia Castle Rock Entertainment, Inc. ........................ 100 Georgia Castle Rock Entertainment............................. 100(2) California Goodwill Games, Inc. ................................... 100 Georgia HB Holding Co. ......................................... 100 Delaware Hanna-Barbera Entertainment Co., Inc. ................ 100 California New Line Cinema Corporation............................. 100 Delaware Turner Entertainment Group, Inc. ....................... 100 Georgia Turner Entertainment Networks, Inc. .................. 100 Georgia Turner Entertainment Networks Asia, Inc. ............. 100 Delaware TEN Investment Company, Inc. ......................... 100 Delaware Turner Network Television LP, LLLP.................. 100(3) Delaware The Cartoon Network LP, LLLP........................ 100(3) Delaware Turner Classic Movies LP, LLLP...................... 100(3) Delaware Superstation, Inc. ................................... 100 Georgia Turner Home Entertainment, Inc. .......................... 100 Georgia Turner Pictures Group, Inc. .............................. 100 Georgia Turner Broadcasting Sales, Inc. .......................... 100 Georgia Turner Broadcasting System Asia Pacific, Inc. ............ 100 Georgia Turner Home Satellite, Inc. .............................. 100 Georgia Turner Broadcasting System Limited........................ 100 U.K. Turner International, Inc. ............................... 100 Georgia Turner Network Sales, Inc. ............................... 100 Georgia Turner Private Networks, Inc. ............................ 100 Georgia Turner Properties, Inc. .................................. 100 Georgia Turner Sports, Inc. ...................................... 100 Georgia World Championship Wrestling, Inc. ....................... 100 Georgia PERCENTAGE STATE OR OTHER OWNED BY JURISDICTION OF IMMEDIATE INCORPORATION NAME PARENT OR ORGANIZATION ---- ------ --------------- Time Warner Companies, Inc. .............................. 100 Delaware American Television and Communications Corporation ('ATC')................................................. 100(4) Delaware Asiaweek Limited........................................ 80 Hong Kong Sunset Publishing Corporation........................... 100 Delaware Time International Inc. ................................ 100 Delaware Time Inc................................................ 100 Delaware TAF Holdings, Inc. ................................... 100 Delaware American Family Enterprises (partnership)........... 50 New York Book-of-the-Month Club, Inc. ......................... 100 New York Book-of-the-Month Club Holdings LLC................. 100 Delaware BD Book Clubs G.P................................. 50(5) Delaware Entertainment Weekly, Inc. ........................... 100 Delaware Time Distribution Services, Inc. ..................... 100 Delaware Time Customer Service, Inc. .......................... 100 Delaware Time Inc. Ventures.................................... 100 Delaware Time Publishing Ventures, Inc. ..................... 100 Delaware Southern Progress Corporation..................... 100 Delaware The Parenting Group Inc........................... 100 Delaware Time Life Inc. ....................................... 100 Delaware Time-Life Customer Service, Inc. ................... 100 Delaware Time Warner Trade Publishing Inc...................... 100 Delaware Little, Brown and Company (Inc.)................... 100 Massachusetts Warner Books, Inc.................................. 100 New York Warner Publisher Services Inc. ....................... 100 New York Time Warner Digital Media LLC........................... 100 Delaware TWI Cable Inc........................................... 100 Delaware Summit Communications Group, Inc. .................... 100 Delaware WCI Record Club Inc. ................................... 100(6) Delaware The Columbia House Company (partnership).............. 50 New York Warner Communications Inc. ............................. 100 Delaware Elektra Entertainment Group Inc. ..................... 100 Delaware DC Comics (partnership)............................... 50(7) New York Warner-Tamerlane Publishing Corp. .................... 100 California WB Music Corp. ....................................... 100 California Warner/Chappell Music, Inc. .......................... 100 Delaware Warner Bros. Music International Inc. .............. 100 Delaware Warner Bros. Publications U.S. Inc. .............. 100 New York New Chappell Inc. .............................. 100 Delaware CPP/Belwin, Inc. ................................... 100 Delaware E.C. Publications, Inc. .............................. 100 New York Warner Music Group Inc. .............................. 100 Delaware London-Sire Records Inc. ........................... 100 Delaware Warner Bros. Records Inc. ............................ 100 Delaware WBR/Sire Ventures Inc. ............................. 100 Delaware SR/MDM Venture Inc. .............................. 100 Delaware Maverick Recording Company (partnership)........ 50 California Atlantic Recording Corporation...................... 100 Delaware Rhino Entertainment Company....................... 100 Delaware 2 PERCENTAGE STATE OR OTHER OWNED BY JURISDICTION OF IMMEDIATE INCORPORATION NAME PARENT OR ORGANIZATION ---- ------ --------------- Warner-Elektra-Atlantic Corporation................. 100 New York WEA International Inc................................. 100 Delaware Warner Music Canada Ltd. ........................... 100 Canada The Columbia House Company (Canada) (partnership)..................................... 50 Canada Warner Music Newco Limited............................ 100 U.K. Embleton Ltd. ...................................... 100 B.V.I. London Records 90 Limited......................... 100 U.K. Warner Special Products Inc. ......................... 100 Delaware Warner Custom Music Corp............................ 100 California WEA Manufacturing Inc. ............................... 100 Delaware Ivy Hill Corporation.................................. 100 Delaware SUBSIDIARIES OF TIME WARNER ENTERTAINMENT COMPANY, L.P. Time Warner Entertainment-Advance/Newhouse Partnership...... 64.8 New York CV of Viera Joint Venture (partnership)................... 50 Florida Century Venture Corporation................................. 50 Delaware Erie Telecommunications Inc. ............................... 54.19 Pennsylvania Kansas City Cable Partners.................................. 50 Colorado Queens Inner Unity Cable System............................. 100(8) New York Comedy Partners, L.P. (partnership)......................... 50 New York CTV Holdings L.L.C. ........................................ 100 Delaware CTV Holdings II L.L.C. ..................................... 100 Delaware Courtroom Television Network LLC.......................... 50(9) New York DC Comics (partnership)..................................... 50(7) New York Quincy Jones Entertainment Company L.P. (partnership)....... 50 Delaware - --------- (1) TBS is the General Partner and CNN Investment Company, Inc. is the Limited Partner. (2) TBS owns 69.31% and Castle Rock Entertainment, Inc. owns 30.69% (3) Turner Entertainment Networks, Inc. is the General Partner and TEN Investment Company, Inc. is the Limited Partner. (4) Time Warner Companies, Inc. owns 92.20%, and Warner Communications Inc. owns 7.8%. (5) Effective February 2000, Book-of-the-Month Club Holdings LLC owns 50% and Doubleday Direct, Inc. owns 50%. (6) Time Warner Companies, Inc. owns 80% and Warner Communications Inc. owns 20%. (7) Warner Communications Inc. owns 50% and TWE owns 50%. (8) TWE owns approximately 72.19% and TWQUICS Holdings L.L.C. owns approximately 27.81%. (9) CTV Holdings L.L.C. owns 33 1/3% & CTV Holdings II L.L.C. owns 16 2/3%. 3