NEW YORK —  Time Warner Inc. (NYSE: TWX) today announced that it has commenced an underwritten public offering of $1.0 billion of debt securities split between senior notes due January 2022 and senior debentures due October 2041. The net proceeds from the issuance of the notes and debentures will be used for general corporate purposes, which may include stock repurchases.

The notes and debentures will be issued by Time Warner and guaranteed by Historic TW Inc. In addition, Home Box Office, Inc. and Turner Broadcasting System, Inc. will guarantee the obligations of Historic TW   Inc. under its guarantee. The guarantee structure for the notes and debentures will be the same as the structure for the notes and debentures Time Warner issued in April 2011 and in 2010.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). Interested parties should read the prospectus included in such  registration statement and the preliminary prospectus supplement for the   offering and other documents that Time Warner has filed with the SEC for  more complete information about Time Warner and the offering.

The offering is being made only by means of a prospectus and a related prospectus supplement. Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC are the active joint book-running managers.