Time Warner Inc. (NYSE:TWX) today announced that its
wholly owned subsidiary, Time Warner Companies, Inc. (formerly named
Time Warner Inc.), has notified the New York Stock Exchange (NYSE) of
its intention to delist voluntarily the following series of its debt
securities, which are currently listed on the NYSE: (i) 7.48%
Debentures due January 15, 2008; (ii) 8.05% Debentures due January 15,
2016; (iii) 6.85% Debentures due January 15, 2026; (iv) 8.30% Discount
Debentures due January 15, 2036; (v) 8.11% Debentures due August 15,
2006; (vi) 8.18% Debentures due August 15, 2007; (vii) 9.15%
Debentures due February 1, 2023; and (viii) 9.125% Debentures due
January 15, 2013 (collectively, the "Debentures"), as well as to
deregister the Debentures from registration with the Securities and
Exchange Commission. The Debentures are guaranteed directly or
indirectly by Time Warner Inc. and its subsidiaries, Historic TW Inc.
(formerly named Time Warner Inc.), AOL LLC (formerly America Online,
Inc.) and Turner Broadcasting System, Inc. The guarantees of the
Debentures will also be withdrawn from registration with the
Securities and Exchange Commission. These actions do not affect the
terms of the Debentures and Guarantees.
Time Warner Companies, Inc. is taking the action to delist the Debentures because the administrative costs and burdens associated with the listing exceed the benefits. There are a small number of record holders of each series of Debentures and low trading volume on the NYSE, with only approximately 0.5% of the aggregate traded volume of the Debentures being traded on the NYSE during the sixteen-month period ending April 30, 2006.
Time Warner expects the delisting to become effective in June 2006.
About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.
Time Warner Companies, Inc. is taking the action to delist the Debentures because the administrative costs and burdens associated with the listing exceed the benefits. There are a small number of record holders of each series of Debentures and low trading volume on the NYSE, with only approximately 0.5% of the aggregate traded volume of the Debentures being traded on the NYSE during the sixteen-month period ending April 30, 2006.
Time Warner expects the delisting to become effective in June 2006.
About Time Warner Inc.
Time Warner Inc. is a leading media and entertainment company, whose businesses include interactive services, cable systems, filmed entertainment, television networks and publishing.