Embargoed until 01:00 Hong Kong Time June 15, 2000
Time Warner Announces Strategic Alliance With CETV

Time Warner Inc will enter a strategic alliance with China Entertainment Television Broadcast Ltd (CETV,) it was announced today by Gerald M. Levin, chairman and CEO, Time Warner Inc.

Turner Broadcasting System Asia Pacific, a division of Time Warner, with additional assistance from Warner Bros International Television, will work closely with CETV founder Robert Chua to revamp the Hong Kong based Chinese language family general entertainment channel and provide global sales and marketing support. Chua remains chairman and continues to oversee the channel's content.

Initially, the channel will be enhanced with specially selected Turner and Warner Bros content that will air alongside CETV's locally produced and acquired programming. Time Warner will also use its resources and expertise to create original Chinese coproductions which will air on the channel and be distributed globally.

``We see this alliance with CETV as an ideal way for Time Warner to assist in the creation of a high quality Chinese language channel that will meaningfully contribute to the development of original Chinese programming and be a great service to the television industry,''' says Levin.

``Turner's aim is to create and distribute diverse programs for viewers around the world. We look forward to brining our expertise in channel management and marketing to CETV to benefit Chinese speaking audiences around the world,'' says Terence F. McGuirk, chairman, Turner Broadcasting System, Inc. ``This is the perfect collaboration to bring CETV forward. We are delighted to have Time Warner's involvement, particularly because they share our programming vision and our commitment to continuing discussions with other Chinese investors,'' said Chua.

CETV is a 24 hour Mandarin language family entertainment channel which launched in March 1995. It reaches an estimated audience of 33 million households in Asia and is distributed on the AsiaSat 3S satellite.
Turner Broadcasting System, Inc., a subsidiary of Time Warner Inc is a major producer of entertainment products around the world and is a leading provider of programming for the basic cable industry.

Time Warner Inc (NYSE: TWX, is the world's leading media company. Its businesses include: cable networks, publishing, music, filmed entertainment, cable and digital media.