Dick Parsons Quotations

Ted Turner's legendary record as a media pioneer and executive at Turner Broadcasting and Time Warner speaks for itself. He is a visionary leader who has made an extraordinary contribution to this company and, indeed, to the world at large.

By acting now to put these matters behind us, we avoid the costs and distractions of protracted litigation, an outcome we clearly believe serves the best interest of our shareholders,

I have valued partnering with Steve and am pleased he will continue to be active as a director even after he steps down as chairman in May. His extraordinary vision and unique experience will be invaluable, and I look forward to working with him for years to come.

We're now in a position to do the things that I didn't think we'd be able to do till the 2005 time frame,

As Group chairman, Jeff contributed to our recent achievements by overseeing record-breaking performances at our filmed entertainment and networks businesses, and providing critical leadership for cross-company initiatives involving the digital distribution of content.

We like the cable business, ... We think that's a business that's going to be a consolidating business over the next couple of years and we'd like to be in a position to play in that consolidation. And I think this puts us right in the midst of it as we speak.

In short, our company is strong and getting stronger.

We wanted to move to a place where our cable company is separately structured, so we'd have cable-based currency to take advantage of further consolidation in the cable space, ... And we wanted to be able to dial up or down our ownership of cable, based on our view of the industry and of the needs of the company at a given point in time.

Although MGM is a valuable asset, we have decided to withdraw our bid. Unfortunately, Time Warner could not reach agreement with MGM at a price that would have represented a prudent use of our growing financial capacity.

This is a terrific transaction that is the right thing to do for both the Time Warner Book Group and our shareholders. With its record-breaking performance in 2005, the Book Group is at the top of its game. To build on this success, however, it needs the scale and other advantages that come from being part of a larger, more global book publisher. This transaction also underscores our commitment to a strategy of managing closely related, industry-leading businesses to maximize shareholder returns. We wish our Time Warner Book Group colleagues continued success and the best of luck at their new home.