Shareholders Approve AOL-Time Warner Merger

WASHINGTON (06/23/2000) - America Online Inc. (AOL) and Time Warner Inc. shareholders voted to approve the proposed merger of the two companies at special shareholders' meetings held Friday in Virginia and New York City.

Both groups of shareholders voted overwhelmingly in favor of the deal. At the AOL meeting, 97 percent of shareholders gave approval, while 99 percent of the Time Warner investors said yes to the deal, the two companies said in a joint news release.

The shareholders' approval marked a major milestone in the progress to complete the merger, which was announced Jan. 10, said Steve Case, chairman and chief executive officer of AOL.

Under terms of the merger, Time Warner and America Online stock will be converted to AOL Time Warner stock at fixed exchange ratios. The Time Warner common shareholders will receive 1.5 shares of AOL Time Warner common stock for each share of Time Warner common stock they own. AOL shareholders will receive one share of AOL Time Warner common stock for each share of AOL common stock.

Completion of the merger must be approved by government regulators.

AOL, in Dulles, Virginia, can be reached at +1-703-448-8700 or at http://www.aol.com. Time Warner can be reached in New York at +1-212-484-8000 or at http://www.timewarner.com.

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