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Time Warner / Annual Report 2009
100 feeds across almost 200 countries,
will launch new feeds in international
markets and add new distributors.
Our strategy for delivering stockholder
returns includes paying dividends
and buying back our stock. Earlier this
year, we raised our quarterly dividend
by 13.3% and increased our outstand-
ing share purchase program to
$3 billion. We now maintain the high-
est dividend payout ratio of our peers,
and we’re on pace to return even
more capital to stockholders in 2010
than last year.
We believe there will always be
demand for our company’s content:
good stories, well told, that engage
people’s minds and emotions. As we
write the next chapter in Time Warner’s
story, we have great conidence
in the future of high-quality content, in
our strategic position and in our
ability to enhance stockholder value.
We believe that delivering a superior
return to our stockholders goes
hand in hand with fulilling our broader
role as a corporate citizen. Indeed,
many of the principles that support
the success of our businesses—jour-
nalistic integrity, freedom of expres-
sion, access to information, diversity
of viewpoints and responsibility to
community—are also at the heart
of our role as a corporate citizen.
We are excited to continue to build
on that record of business and
civic leadership.
I’m very grateful to our talented and
hardworking employees for their
many contributions to our company.
Their creativity, professionalism
and dedication make all the di er-
ence in driving our success. My
colleagues and I appreciate your
loyalty to Time Warner. We will
continue to work hard to justify
and reward your faith in us.
Je Bewkes
Chairman and CEO
March 29, 2010
Above, top to bottom:
Sex and the City 2,
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