EXHIBIT 21


                        SUBSIDIARIES OF TIME WARNER INC.

Time Warner maintains over 1,500 subsidiaries. Set forth below are the names of
certain subsidiaries, at least 50% owned, directly or indirectly, of Time Warner
as of December 31, 2003, that carry on a substantial portion of Time Warner's
lines of business. The list excludes Warner Music Group Inc. and its
subsidiaries, which were sold in a transaction that closed on March 1, 2004. The
names of various consolidated wholly owned subsidiaries 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.



                                                                                       STATE OR OTHER
                                                                                       JURISDICTION OF
NAME                                                                                    INCORPORATION
- ----                                                                                    -------------
                                                                                    
Time Warner Inc. (Registrant)...................................................         Delaware
     Time Warner Realty Inc.....................................................         Delaware
     America Online, Inc........................................................         Delaware
         AMSE France Sarl.......................................................         France
         AMSE France SAS........................................................         France
         AOL Asia Limited.......................................................         Hong Kong
         AOL CompuServe France SAS..............................................         France
         AOL Deutschland GmbH & Co. KG..........................................         Germany
         AOL Deutschland Online GmbH & Co. KG...................................         Germany
         AOL Deutschland Service Operations GmbH & Co. KG.......................         Germany
         AOL Europe Operations Limited..........................................         Ireland
         AOL Europe Sarl........................................................         Luxembourg
         AOL Europe Services Sarl...............................................         Luxembourg
         AOL France SNC.........................................................         France
         AOL Member Services Philippines, Inc...................................         Philippines
         AOL Nederland BV.......................................................         Netherlands
         AOL Technologies Ireland Limited.......................................         Ireland
         AOL (UK) Limited.......................................................         United Kingdom
         CompuServe Interactive Services France SNC.............................         France
         CompuServe Interactive Services, Inc...................................         Delaware
         CompuServe Interactive Services Limited................................         Ireland
         Digital Marketing Services, Inc........................................         Delaware
         eVoice, Inc............................................................         Delaware
         ICQ Ltd................................................................         Israel
         InfoInterActive Corp...................................................         Nova Scotia
         MapQuest.com, Inc......................................................         Delaware
         Netscape Communications Corporation....................................         Delaware
         Netscape Communications India Private Limited..........................         India
         OMI LLC................................................................         Delaware
         Quack.com, Inc.........................................................         Delaware
         Spinner Networks, Incorporated.........................................         California
         Tegic Communications Corporation.......................................         Washington
     Historic TW Inc............................................................         Delaware
         Turner Broadcasting System, Inc........................................         Georgia
              Atlanta Hockey Club, Inc..........................................         Georgia
              Atlanta National League Baseball Club, Inc........................         Georgia
              Cable News International, Inc.....................................         Georgia
              Cable News Network LP, LLLP.......................................         Delaware





                                                                                      
              CNN America, Inc..................................................         Delaware
              CNN Investment Company, Inc.......................................         Delaware
              CNN Newsource Sales, Inc..........................................         Georgia
              Hawks Basketball, Inc.............................................         Georgia
              New Line Cinema Corporation.......................................         Delaware
              Superstation, Inc.................................................         Georgia
              TEN Investment Company, Inc.......................................         Delaware
              The Cartoon Network LP, LLLP......................................         Delaware
              Turner Arena Productions and Sales, Inc...........................         Georgia
              Turner Broadcasting System Asia Pacific, Inc......................         Georgia
              Turner Broadcasting Sales, Inc....................................         Georgia
              Turner Broadcasting System (Holdings) Europe Ltd..................         United Kingdom
              Turner Classic Movies LP, LLLP....................................         Delaware
              Turner Entertainment Group, Inc...................................         Georgia
              Turner Entertainment Networks Asia, Inc...........................         Georgia
              Turner Entertainment Networks Inc.................................         Georgia
              Turner Home Entertainment, Inc....................................         Georgia
              Turner International, Inc.........................................         Georgia
                   Viva Plus Fernsehen GmbH.....................................         Germany(1)
              Turner Network Television LP, LLLP................................         Delaware
              Turner Pictures Group, Inc........................................         Georgia
              Turner Sports, Inc................................................         Georgia
         Time Warner Companies, Inc.............................................         Delaware
              American Television and Communications Corporation................         Delaware
              Time Inc..........................................................         Delaware
                  Time Warner Book Group Inc....................................         Delaware
                  Bookspan partnership..........................................         Delaware (1)
                  Business 2.0 Media Inc........................................         Delaware
                  Entertainment Weekly Inc......................................         Delaware
                  IPC Group Limited.............................................         United Kingdom
                  Leisure Arts, Inc.............................................         Delaware
                  Little, Brown and Company (Inc.)..............................         Massachusetts
                  Media Networks, Inc...........................................         Delaware
                  Oxmoor House, Inc.............................................         Delaware
                  Southern Progress Corporation.................................         Delaware
                  Sunset Publishing Corporation.................................         Delaware
                  Synapse Group, Inc............................................         Delaware (1)
                  The Parenting Group Inc.......................................         Delaware
                  This Old House Productions, Inc...............................         Delaware
                  This Old House Ventures, Inc..................................         Delaware
                  Time Australia Magazine Pty Limited...........................         Australia
                  Time Consumer Marketing, Inc..................................         Delaware
                  Time Customer Service, Inc....................................         Delaware
                  Time Direct Ventures LLC......................................         Delaware
                  Time Distribution Services Inc................................         Delaware
                  Time Inc. Home Entertainment..................................         Delaware
                  Time Inc. Ventures............................................         Delaware
                  Time4 Media, Inc..............................................         New York
                  Warner Books, Inc.............................................         New York
                  Warner Publisher Services Inc.................................         New York
              Time International Inc............................................         Delaware
              Warner Communications Inc.........................................         Delaware
                  Castle Rock Entertainment.....................................         California
                  Castle Rock Entertainment, Inc................................         Georgia
                  Courtroom Television Network LLC..............................         New York (1)
                  DC Comics (partnership).......................................         New York





                                                                                      
                  E.C. Publications, Inc........................................         New York
                  Home Box Office, Inc..........................................         Delaware
                      HBO Services, Inc.........................................         Delaware
                  Time Warner Cable Inc.........................................         Delaware (1)
                      Time Warner Entertainment Company, L.P....................         Delaware (1)
                           Century Venture Corporation..........................         Delaware
                           Erie Telecommunications Inc..........................         Pennsylvania (1)
                           Kansas City Cable Partners...........................         Colorado (1)
                           Road Runner Holdco LLC...............................         Delaware
                           Time Warner Entertainment-Advance/Newhouse
                           Partnership..........................................         New York (1)
                               Texas Cable Partners L.P.........................         Delaware (1)
                  TW UK Holdings Inc............................................         Delaware
                      Time Warner Entertainment Limited.........................         United Kingdom
                  TW Ventures Inc...............................................         Delaware
                      Warner Bros. (F.E.) Inc...................................         Delaware
                      Warner Bros. (South) Inc..................................         Delaware
                  Warner Bros. Entertainment Inc................................         Delaware
                      Warner Bros. Theatrical Enterprises Inc...................         Delaware
                           Warner Bros. Pictures Inc............................         Delaware
                           Warner Bros. Distributing Inc........................         Delaware
                      Warner Home Video Inc.....................................         Delaware
                      Burbank Television Enterprises Inc........................         Delaware
                           Telepictures Production Inc..........................         Delaware
                           Warner Bros. International Television Distribution
                           Inc..................................................         Delaware
                           Warner Bros. Television Distribution Inc.............         Delaware
                           Warner Bros. Television Production Inc...............         Delaware
                      Warner Bros. Animation Inc................................         Delaware
                      Warner Bros. Enterprises Inc..............................         Delaware
                           Warner Bros. Consumer Products Inc...................         Delaware
                           Warner Bros. International Cinemas Inc...............         Delaware
                           Warner Bros. Online Inc..............................         Delaware
                           Warner Bros. Interactive Entertainment Inc...........         California
                      WTTA Incorporated.........................................         Delaware
                           Hanna-Barbera Entertainment Co., Inc.................         California
                      WB Communications Inc.....................................         Delaware
                           The WB Television Network Partners, L.P..............         California (1)
                           WB 100-Plus Station Group Partners Inc...............         California
                      Warner Entertainment Japan Inc............................         Japan


(1)  Less than 100% owned