EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
 
  We consent to the reference to our firm under the caption "Experts" in
Amendment No. 2 to the Registration Statement on Form S-3 and related
Prospectus of Time Warner Inc. ("TWI") and Time Warner Capital I, Time Warner
Capital II and Time Warner Capital III (each a "Trust") and related Prospectus
Supplement of TWI and Time Warner Capital I for the registration of Preferred
Trust Securities of the Trusts, Subordinated Debentures of TWI, and the
guarantees of Preferred Securities of the Trusts by TWI, and to the
incorporation by reference therein of (i) 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, as amended by Amendment No. 1
thereto dated June 28, 1995 ("TWI's 1994 Form 10-K"), (ii) 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 1994 Form 10-K,
and (iii) our reports dated July 28, 1995 with respect to the financial
statements of Newhouse Broadcasting Cable Division of Newhouse Broadcasting
Corporation and Subsidiaries for each of the three years in the period ended
July 31, 1994, and Vision Cable Division of Vision Cable Communications, Inc.
and Subsidiaries for each of the three years in the period ended December 31,
1994, included in the Current Report on Form 8-K of TWI dated August 14, 1995,
filed with the Securities and Exchange Commission.
 
                                          /s/ Ernst & Young LLP
 
                                          ERNST & YOUNG LLP
 
New York, New York
November 6, 1995