SEC Filings

425
TIME WARNER INC. filed this Form 425 on 02/25/2000
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     interactivity extends beyond the personal computer to the television,
     wireless telephone and personal organizers, as well as other Internet-
     enabled devices--allowing consumers to access the Internet from anywhere
     and at any time, and making the interactive experience even more convenient
     and valuable to them.

Q.   How will the merger affect America Online's multiple brand-strategy?

A.   America Online believes that combining with Time Warner will dramatically
     advance America Online's multiple-brand strategy.  Time Warner's leading
     global consumer brands cover the full spectrum of media entertainment and
     information--reaching from broadcast and cable television to film, music,
     publishing and the Internet.  Together with America Online's family of
     premier interactive brands, the combined company will have a valuable
     portfolio of brands to deliver to consumers over multiple platforms.

Q.   How will the merger affect America Online's multiple revenue stream
     strategy?

A.   America Online believes the merger will advance America Online's strategy
     of multiple revenue streams by combining with Time Warner, which has grown
     its revenues across three major areas that reinforce America Online's:
     subscriptions, advertising and e-commerce and content.  Putting together
     Time Warner's content properties with America Online's Internet and e-
     commerce infrastructure, AOL Time Warner will be able to create and
     distribute e-commerce products and services based on film, cable,
     broadcast, music, publishing and media properties.  Recent successful
     collaborations to promote "Austin Powers:  The Spy Who Shagged Me" with AOL
     MovieFone and on "You've Got Mail" with Warner Bros. are small examples of
     what can be achieved in cross-promotion. The merger will expand the
     opportunities for advertising across platforms and brands, including
     interactive properties, publishing, cable and broadcast television.