SEC Filings

WARNER MEDIA, LLC filed this Form 425 on 02/25/2000
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A.   AOL Time Warner will have an array of world-renowned brands that encompass
     new digital destinations and vibrant franchises with solid customer
     relationships.  The breadth of these brands--a lineup that includes Time,
     AOL, CNN, The WB, Netscape, People, Sports Illustrated, Digital City,
     Cinemax, AOL Moviefone, Cartoon Network, Spinner, AOLCOM, Entertainment
     Weekly,  Winamp and Looney Toons--will give AOL Time Warner an tremendous
     portfolio.  AOL Time Warner will also have over 112 million subscribers.
     In addition, based solely on the reach of Time Warner's network
     programmings (with over 300 million viewers per week) and magazines (which
     have a weekly audience of approximately 200 million), AOL Time Warner will
     have a monetizable footprint for a consumer touch (or a consumer
     relationship) on a monthly basis of approximately 2-1/2 billion.  By
     including a lot of duplication in the numbers, this monetizable footprint
     provides several approaches--several understandings--of a particular home
     that AOL Time Warner can use in cross-selling.

     AOL Time Warner will have access to broad distribution channels that are
     multi-platform.  In particular, Time Warner's cable systems are expected to
     serve as an incubator for incremental subscriber growth.  By providing an
     important distribution platform of America Online's interactive services,
     Time Warner's broadband delivery systems are expected to provide a means of
     using America Online's existing customer base of over 135 million
     registered users as a foundation for attracting subscribers to new

     AOL Time Warner will have tremendous scale and financial flexibility and
     will be able to build on a solid investment-grade balance sheet,
     substantial cash flow and financial capacity.

     AOL Time Warner will be managed by individuals who have already
     demonstrated themselves to be among the tops in their fields.  They have
     the capability and the experience to create one of the most respected
     global companies in the world.   More importantly, because all mergers are
     about execution--about people working together to integrate existing
     businesses and to develop new businesses--through the meetings that have
     already taken place, employees of both America Online and Time Warner have
     already indicated that, once America Online and Time Warner are combined,
     there will be a good "people match" in which all employees work together to
     expand existing businesses and to develop new businesses.

     Like all successful companies of the future, AOL Time Warner is expected to
     be a completely integrated company, with multi-platforms to take