Ted Turner to Step Down in May

Posted on January 31, 2003

AOL Time Warner Inc. announced that Ted Turner has decided to step down as Vice Chairman of AOL Time Warner, effective at the Annual Shareholders Meeting in May. His decision follows AOL Time Warner's report that they lost a stunning $98.7 billion in 2002 and Steve Case's resignation as Chairman of the Company. Turner has expressed interest in acquiring the Atlanta Braves and CNN from AOL Time Warner. Turner will probably be able to buy the Braves, but he most likely will not be able to purchase CNN. Ted Turner is known for the Atlanta-based television empire he created and for launching CNN, the world's first, live, round-the-clock news television network. Turner is also a philanthropist, environmentalist, bison rancher and an avid outdoorsman.

In notifying Chief Executive Officer Dick Parsons, Mr. Turner said, "After much reflection, I have decided to resign from my executive duties as Vice Chairman of AOL Time Warner. I have not come to this decision lightly. As you know, this company has been a significant part of my life for over fifty years. I have the deepest respect for you, the senior management and my fellow members of the board. With this team in place, I am optimistic that the company will be able to move forward and reach its true potential."

Turner indicated that he planned to spend time on his philanthropic interests and socially responsible business efforts. Turner said, "Over the last five years, it has become even clearer to me how much personal satisfaction I derive from these activities. Therefore, I would like to now devote even more time, effort and resources to them." Ted Turner directs most of his philanthropic activities through the Turner Foundation, which was founded in 1991, the United Nations Foundation, which was created in 1997, and the Nuclear Threat Initiative, which was launched in January 2001.

Turner became Vice Chairman of Time Warner in October 1996, with the merger of Time Warner Inc. and Turner Broadcasting System, Inc. Turner oversaw Time Warner's cable networks division, which included the assets of Turner Broadcasting System, Inc. (TBS, Inc.), the CNN Newsgroup, as well as Home Box Office, Cinemax, and the company's interests in Comedy Central and Court TV. He also oversaw New Line Cinema and the company's professional sports teams-the Atlanta Braves, Atlanta Hawks and Atlanta Thrashers.