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                                                                    EXHIBIT 23.3
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
     As independent public accountants, we hereby consent to the use of our
reports and to all references to our firm included in or made a part of this
Registration Statement on Form S-3 for the registration under the Securities Act
of 1933, as amended, of Guarantees of Time Warner Companies, Inc.
 
                                          ARTHUR ANDERSEN LLP
 
Stamford, Connecticut
November 3, 1997