EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
 
     We  consent to the reference to our firm under the caption 'Experts' in the
Registration Statement on Form  S-3 and related Prospectus  of Time Warner  Inc.
('TWI')  and  Time Warner  Financing Trust  for  the registration  of 12,057,561
Preferred Exchangeable Redemption Cumulative Securities ('PERCS'), the guarantee
of the PERCS by TWI, the exchange  rights of TWI, and the subordinated notes  of
TWI, and to the incorporation by reference therein of our reports dated February
7,  1995, with respect to the  consolidated financial statements and schedule of
TWI and Time Warner Entertainment Company, L.P. included in TWI's Annual  Report
on Form 10-K for the year ended December 31, 1994, and our report dated March 3,
1995,  with  respect to  the combined  financial statements  of the  Time Warner
Service Partnerships incorporated by  reference in TWI's  Annual Report on  Form
10-K  for  the year  ended  December 31,  1994,  filed with  the  Securities and
Exchange Commission.
 
                                          /s/ Ernst & Young LLP
                                          ERNST & YOUNG LLP
 
New York, New York
June 8, 1995