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TIME WARNER INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of
Time Warner Inc.
We have audited the accompanying consolidated balance sheets of Time Warner Inc. (“Time Warner”) as of
December 31, 2010 and 2009, and the related consolidated statements of operations, cash flows and equity for each
of the three years in the period ended December 31, 2010. Our audits also included the Supplementary Information
and Financial Statement Schedule II listed in the index at Item 15(a). These financial statements, supplementary
information and schedule are the responsibility of Time Warner’s management. Our responsibility is to express an
opinion on these financial statements, supplementary information and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Time Warner at December 31, 2010 and 2009, and the consolidated results of its operations and
its cash flows for each of the three years in the period ended December 31, 2010, in conformity with U.S. generally
accepted accounting principles. Also, in our opinion, the related Supplementary Information and Financial
Statement Schedule, when considered in relation to the basic financial statements taken as a whole, present
fairly in all material respects the information set forth therein.
As discussed in Note 1 to the accompanying consolidated financial statements, on January 1, 2009 Time Warner
retrospectively adopted accounting guidance for non-controlling interests, and accounting guidance which requires
that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or
dividend equivalents be considered participating securities.
As discussed in Note 1 to the accompanying consolidated financial statements, on January 1, 2010 Time Warner
retrospectively adopted the amendments to the accounting guidance pertaining to the accounting for transfers of
financial assets and variable interest entities.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Time Warner’s internal control over financial reporting as of December 31, 2010, based on criteria
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission and our report dated February 18, 2011 expressed an unqualified opinion thereon.
Ernst & Young
/s/ Ernst & Young
New York, NY
February 18, 2011
110