Time Warner Inc.’s Separation Agreement With Time Warner Cable

On May 21, 2008, Time Warner Inc. and Time Warner Cable Inc. announced that their respective Boards of Directors have approved an agreement that will result in the complete legal and structural separation of the two companies. The transaction, which is expected to close in the fourth quarter of this year, is contingent on a favorable IRS ruling on its tax treatment as well as customary regulatory reviews and local franchise approvals. Cravath is representing Time Warner Inc. in this transaction.

The lawyers involved in the matter are partners Richard Hall and Stephen L. Burns and associates Rezart Spahia, Christof Strasser, David Fishman, Wendy Ng and Benjamin P. Schaye on corporate matters; partner Timothy G. Massad and associate Sarah F. Rosen on finance matters; partners Stephen L. Gordon and Lauren Angelilli and associates J. Leonard Teti II and Jonathan J. Katz on tax matters; and partner Eric W. Hilfers and associates Lori Diamond Goodman and Daniel A. Birnhak on executive compensation and benefits matters.