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Time Warner Sells DVD/CD Manufacturing and Distribution Businesses to Cinram

Time Warner Inc. announced the completion of the sale of its DVD and CD manufacturing, printing, packaging, physical distribution and merchandising businesses to Cinram International for roughly US$1.05 billion in cash.

For more information visit: www.wmg.com


Unedited press release follows:

Time Warner Completes Sale of Its DVD/CD Manufacturing and Physical Distribution Businesses to Cinram International for Approximately US$1.05 Billion

October 24, 2003 — NEW YORK – Time Warner Inc. (NYSE: TWX) announced today the completion of the sale of its DVD and CD manufacturing, printing, packaging, physical distribution and merchandising businesses to Cinram International (TSX: CRW) for approximately US$1.05 billion in cash. Time Warner plans to use the cash proceeds from the sale to strengthen its balance sheet by continuing to reduce the company’s net debt. The definitive agreement for this transaction was announced on July 18, 2003.

The transaction included the sale to Cinram of the following Time Warner businesses: WEA Manufacturing Inc., Warner Music Manufacturing Europe GmbH, Ivy Hill Corporation, Giant Merchandising and the physical distribution operations of Warner-Elektra-Atlantic Corporation (WEA Corp.). The sales and marketing operations of WEA Corp. will remain as a part of Time Warner’s Warner Music Group.

In addition, the transaction includes exclusive long-term agreements under which Cinram will manufacture, print, package and physically distribute DVDs and CDs for Warner Home Video and Warner Music Group in North America and Europe, and for New Line Home Entertainment in North America.

About Time Warner Inc.
Time Warner is the world’s leading media and entertainment company, whose businesses include filmed entertainment, interactive services, television networks, cable systems, publishing and music.

About Warner Music Group
Warner Music Group is home to some of the world’s leading record companies, including The Atlantic Group, Elektra Entertainment Group, Rhino Entertainment, Warner Bros. Records Inc. and Word Entertainment. The company’s Warner Music International, with a roster of more than 1,000 artists, operates in more than 70 countries through various subsidiaries, affiliates and non-affiliated licensees. Warner Music Group also includes one of the world’s leading music and print music publishers, Warner/Chappell, and WEA Corp., Warner Music Group’s U.S. sales and retail marketing company. Warner Music Group is a Time Warner company. For more information about Warner Music Group visit our corporate site at www.wmg.com.

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