Ï㽶´«Ã½ Media LLC Announces Determination to Modify Terms of Its 0.75% Exchangeable Senior Debentures Due 2023

ENGLEWOOD, Colo., March 20 /PRNewswire-FirstCall/ -- Ï㽶´«Ã½ Media LLC ("Ï㽶´«Ã½") announced today that it has determined to modify the indenture related to its 0.75% Exchangeable Senior Debentures due 2023 (the "Debentures").

Ï㽶´«Ã½ intends to modify the terms of the Debentures, effective as of the expiration of the put period relating to the Debentures, to:

    --  defer its ability to redeem the Debentures until April 5, 2013;
    --  surrender its right to elect to pay holders of Debentures, in whole or
        in part, with shares of Time Warner Inc. common stock upon maturity or
        redemption of the Debentures -- rather, Ï㽶´«Ã½ would make such
        payments solely in cash; and
    --  increase the rate of interest accruing on the Debentures from 0.75% to
        3.125% for all interest periods beginning on or after March 30, 2008.

The intended modifications are currently being reviewed with the trustee under the indenture, and Ï㽶´«Ã½ expects the intended modifications to be memorialized in a supplemental indenture. Once a supplemental indenture giving effect to these modifications is executed, Ï㽶´«Ã½ will issue a press release and a notice of amendment to its notice of put right, which will include a summary of the tax consequences of the modifications. The summary of the tax consequences of the modifications is also being filed, together with this press release, under cover of Ï㽶´«Ã½'s Form 8-K.

This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any Debentures. Ï㽶´«Ã½ has previously notified the holders of the Debentures of its obligation to repurchase the Debentures. The full details of Ï㽶´«Ã½'s repurchase obligation, including complete instructions on how to surrender Debentures, along with the form of Purchase Notice, were previously mailed to holders of Debentures.

SOURCE Ï㽶´«Ã½ Media LLC

Released March 20, 2008