Schering-Plough Chairman and CEO Fred Hassan Joins Time Warner’s Board of Directors

Time Warner Inc. (NYSE: TWX) announced that its Board of Directors has elected Fred Hassan to join the Board, effective today. Mr. Hassan, 63, is Chairman of the Board and Chief Executive Officer of Schering-Plough Corporation.

Jeff Bewkes, Chairman and CEO of Time Warner, said: "Fred Hassan is an experienced CEO who brings to our Board more than 15 years of leading large, global companies. He’ll also bring valuable insights to our Board, along with the personal attributes of a first-class director, including integrity, intelligence and independent judgment. I’m confident he’ll be a very effective member of our Board as we continue to build the world’s leading content company.”

Robert C. Clark, who chairs the Nominating and Governance Committee of the Time Warner Board, said: "We’re delighted to welcome Fred Hassan to Time Warner’s Board. Fred has an impressive record of business leadership and is widely respected for his abilities, accomplishments and character. He’s a great addition to our Board.”

Mr. Hassan said: "It’s a privilege to join the Board of Directors of this great company. I appreciate the opportunity to work alongside management and my distinguished colleagues on the Board to help deliver consistent, superior returns to shareholders.”

With today’s election of Mr. Hassan, Time Warner’s Board now has 12 members, 11 of whom are independent directors. In addition to Mr. Bewkes and Mr. Clark, the members of Time Warner’s Board are James L. Barksdale, William P. Barr, Stephen F. Bollenbach, Frank J. Caufield, Mathias Döpfner, Jessica P. Einhorn, Michael A. Miles, Kenneth J. Novack and Deborah C. Wright.

About Fred Hassan

Mr. Hassan became Chairman and CEO of Schering-Plough Corporation in 2003. Before joining Schering-Plough, he served as CEO (from 2000 to 2001) and as Chairman and CEO (from 2001 to 2003) of Pharmacia Corporation until the company was acquired by Pfizer Inc. in 2003. From 1997 to 2000, Mr. Hassan was CEO of Pharmacia & Upjohn, Inc., which merged with Monsanto Company in 2000 to become Pharmacia Corporation. From 1972 to 1997, he served in various senior management roles at major pharmaceutical companies.

Mr. Hassan received a B.S. degree from the Imperial College of Science and Technology at the University of London and an M.B.A. degree from Harvard Business School.

Mr. Hassan is the past chairman of the Board of Directors of the Pharmaceutical Research and Manufacturers of America (PhRMA) and is the past chairman of the HealthCare Institute of New Jersey. He is currently president of the International Federation of Pharmaceutical Manufacturers Associations. In addition, he is the Lead Director on the Board of Directors of Avon Products, Inc.

About Time Warner Inc.

Time Warner Inc., a global leader in media and entertainment with businesses in television networks, filmed entertainment, publishing and interactive services, uses its industry-leading operating scale and brands to create, package and deliver high-quality content worldwide through multiple distribution platforms. For more information about Time Warner Inc., please visit www.timewarner.com.