SEC Filings

425
TIME WARNER INC. filed this Form 425 on 02/25/2000
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Q.   How will the merger affect America Online's AOL Anywhere strategy?

A.   America Online believes that combining with Time Warner will advance
     America Online's utilization of technology to extend and enhance its AOL
     Anywhere strategy to expand Internet communication, interactivity and
     convenience to devices beyond the personal computer.  Time Warner's cable
     systems will expand the broadband delivery systems for America Online's
     interactive services and act as a catalyst for the development of AOL Plus-
     -America Online's next generation multi-media/interactive services--to
     personal computers.  The combination will also further America Online's AOL
     Anywhere strategy of extending its interactive brands with their hallmark
     convenience and ease-of-use to new devices through television, wireless
     telephone and personal organizers as well as other companion devices.  The
     merger will also provide a communications platform that gives AOL Time
     Warner the capability to offer messaging products and local telephony over
     cable systems.

Q.   What are some of the operating synergies and new business opportunities
     that America Online believes will benefit AOL Time Warner?

A.   America Online believes that the combined company will benefit from
     substantial operating synergies as well as major new business
     opportunities.  The following are representative potential cost synergies
     and revenue growth opportunities from the combination with Time Warner:

        . revenue opportunities and synergies in areas such as advertising by
          providing companies "one stop" shopping for their online as well as
          print and broadcast media advertising campaigns;

        . increased subscriber growth through cross promotion and marketing
          opportunities between Time Warner's brands and content and America
          Online's brands and interactive services;

        . efficiency in marketing across different platforms and distribution
          systems, including cable, publishing and interactive services;

        . cost synergies in areas such as technology and network
          infrastructure, direct mail and interactive marketing, use of
          "evergreen" billing systems, sales forces and other corporate
          services; and

        . cost efficiencies in launching and operating interactive extensions
          of Time Warner's brands.