Martin to Become Turner CEO, Kent to Chairman

Former Time Warner CFO gets network nod
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Time Warner Inc. shook up management at its Turner
Broadcasting System division Wednesday, naming Time Warner Inc. chief financial
officer John Martin CEO of the networks effective Jan. 1, at which time he will
replace current CEO Phil Kent, who will be moved up to chairman in a transition
period in 2014.

"Phil Kent's exceptional leadership at Turner has driven
much of Time Warner's recent success," said Time Warner chairman and CEO Jeff
Bewkes in a statement. "For the past decade, he has expertly guided the Turner
networks through a period of rapid change, all the while building on each
network's leading position with viewers and advertisers and forging stronger
relationships with distributors. At Phil's initiation, he and I agreed that now
is the right time to announce the next generation of leadership, and I am
pleased that he will serve as chairman."

As CFO, Martin currently oversees all of Time Warner's
finance, accounting, mergers and acquisitions, internal audit, investor
relations, treasury and tax areas as well as corporate human resources,
employee development and growth, compensation and benefits, worldwide
recruitment, and security and transportation. Mr. Martin is also responsible
for leading efforts to launch enterprise-wide services in the areas of
information technology, real estate and facilities and HR systems. In addition,
he works closely with other members of Time Warner's senior management team and
its operating divisions on a variety of organizational, development and
diversity issues. Before assuming his current role in 2008, Martin had been executive
VP and chief financial officer of Time Warner Cable Inc. since August 2005.
Prior to joining Time Warner Cable, Martin spent nearly 12 years at Time
Warner, most recently serving as senior VP, investor relations, from 2002 to
2005.

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