Time Warner President Statement On Georgia State Court Jury Verdict

Business Wire, Dec 18, 1998

NEW YORK--(BUSINESS WIRE)--Dec. 18, 1998--In response to a jury verdict in a state court trial in Gwinnett County, Georgia, Time Warner Inc. and Time Warner Entertainment, L.P. ("TWE") President Richard D. Parsons said: "Although we respect the jury system and the hard work of the jury in this case, we believe that we and Six Flags were wrongfully precluded from presenting certain important evidence relevant to our defense. We also believe that the jury would have reached a different result had it been able to see all the facts. TWE intends to appeal these legal issues."

The jury found TWE liable, along with other unrelated parties, on contract and partnership claims arising out of its former interest in the limited partnership that controlled the Six Flags Over Georgia theme park.

The jury's total verdict was $197 million; Time Warner Entertainment and its subsidiaries are responsible for approximately $95 million, with the remainder of the verdict being the responsibility of unrelated parties. Under Georgia law, the jury will now hear further submissions and deliberate as to an award of punitive damages.

Time Warner Inc. (NYSE: TWX), the world's leading media company, consists of four businesses: cable networks, publishing, entertainment and cable.

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