Time Warner Inc.’s Separation of AOL

On May 28, 2009, Time Warner Inc. announced that its Board of Directors has authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. The transaction, which is expected to close in the fourth quarter of this year, is contingent on the satisfaction of a number of conditions, including completion of the review process by the Securities and Exchange Commission of required filings under applicable securities regulations and the final approval of transaction terms by Time Warner’s Board of Directors. Cravath is representing Time Warner Inc. in this transaction. The lawyers involved in the matter are partner Richard Hall and associates D. Scott Bennett, Brendon S. Prebble, David Fishman and Zachary R. Smith on corporate matters; partners Stephen L. Gordon and Lauren Angelilli and associates J. Leonard Teti II, Matthew Cantor and Louis K. Rosner on tax matters; associates Jarrett R. Hoffman and Daniel A. Birnhak on executive compensation and benefits matters; and summer associate Gillian L. Warmflash.