Building on a solid investment-grade balance sheet, substantial cash
flow and financial capacity, we are confident that the symmetry and synergy of
our operations will deliver on the promise of the Internet and produce a
sustained acceleration of our growth.
As central as these considerations are, the rationale for our merger
goes beyond a shared business strategy or a vision of where our networked world
is headed. We are both companies driven and defined by the energetic, inventive,
talented people who work at every level, in every operation. It is these women
and men whose openness to change and passion for innovation have given us the
capacity to shape the future. We're particularly indebted to Beverly Sills
Greenough and Merv Adelson, who are retiring from our board this year.
We are also companies that put a high value on social commitment.
Throughout its history, Time Warner has had a distinguished tradition of public
service initiatives and educational programs. Time to Read, for example,
continues to be the country's largest, most effective corporate-sponsored
literacy program. AOL has been a model of responsible corporate citizenship on
the Internet. As the premier media company of the 21st century, AOL Time Warner
intends to play a significant role in helping bridge the "digital divide" that
perpetuates age-old inequalities which undermine our society's future.
The fact that our merger will be the first of real consequence in the
21st century is coincidental. But the goal we've set for ourselves--to be the
formative leader in ensuring that the central medium of our age is a tool for
expanding people's freedom, empowering their minds and enhancing their
Along with the whole AOL Time Warner team, I'm eager to get started on
building the most successful and respected company in the world.
Gerald M. Levin
Chairman and Chief Executive Officer
AOL Time Warner Inc., together with Time Warner Inc. and America Online,
Inc., filed with the Securities and Exchange Commission a preliminary joint
proxy statement/ prospectus regarding the proposed business combination
transaction referenced in the foregoing information. In addition, AOL Time
Warner, Time Warner and America Online will prepare and file with the Commission
a definitive joint proxy statement/prospectus and other documents regarding the
proposed transaction. Investors and security holders are urged to read the
definitive joint proxy statement/prospectus, when it becomes available, because
it will contain important information. The definitive joint proxy
statement/prospectus will be sent to stockholders of Time Warner and
America Online seeking their approval of the proposed transaction. Investors and
security holders may obtain a free copy of the definitive joint proxy
statement/prospectus (when it is available) and other documents filed with the
Commission by AOL Time Warner Inc. and Time Warner (as well as America Online)
at the Commission's web site at www.sec.gov. The definitive joint proxy
statement/prospectus and other documents filed by Time Warner with the
Commission may also be obtained for free from Time Warner by directing a request
to Time Warner Inc., 75 Rockefeller Plaza, New York, New York 10019, Attention:
Shareholder Relations, telephone: (212) 484-6971, e-mail: firstname.lastname@example.org.