No Surprises in AOL, Time Warner Organization

WASHINGTON (05/04/2000) - America Online Inc. (AOL) and Time Warner Inc. today announced the management team that will lead AOL Time Warner Inc., the new company to be formed by the merger of the two.

AOL Chairman and Chief Executive Officer Steve Case will become AOL Time Warner's chairman, while Gerald Levin, chairman and chief executive officer of Time Warner, will become chief executive officer, AOL and Time Warner said in a joint statement. AOL, the Dulles, Virginia-based Internet service provider, and Time Warner, whose headquarters are in New York, announced plans to merge in January. [See "UPDATE: AOL to Merge with Time Warner for $350B," January 10.]The job of chief operating officer will be shared by Bob Pittman, currently AOL's president and chief operating officer, and Dick Parsons, currently Time Warner's president. Pittman will oversee the subscription services, advertising and commerce business, the release said. Parsons will oversee the new company's content business in film, television production, music and books. He will also be responsible for corporate legal and people development functions.

Ted Turner, the vice chairman of Time Warner whose own Turner Broadcasting Systems was absorbed by Time Warner, will become vice chairman of AOL Time Warner.

The merger will corral some of the biggest magazine titles, television channels and entertainment outlets in the U.S. under the AOL Time Warner name. The list includes Time Inc. and its huge stable of magazines, the Cable News Network, Home Box Office, the WB Television Network, Warner Bros., New Line Cinema and Warner Music Group.

The release said the new organization will make the best use of talent across the combined company and speed the integration of its rapidly converging Internet, media and communications businesses.

The management organization will "perfectly position" AOL Time Warner to capitalize on enormous opportunities in the converging Internet, Case was quoted as saying in the release. The announcement is a milestone showing that AOL Time Warner is moving quickly to ensure that it fulfills its potential as the first media and communications company truly powered by the Internet, he said.

AOL Time Warner will be headquartered in New York, with principal offices in Dulles, Atlanta and Los Angeles. Government approval of the merger is expected by the end of the year.

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 http://www.timewarner.com.

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