Dispositions and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued operations primarily reflects the Company's former Time Inc. segment. In addition, during the third quarter of 2013, the Company recognized additional net tax benefits of $137 million associated with certain foreign tax attributes of the Warner Music Group, which the Company disposed of in 2004.

Discontinued operations for the three and nine months ended September 30, 2014 and 2013 is as follows (millions, except per share amounts):

	Three Months Ended				Nine Months Ended
	9/30/14		9/30/13		9/30/14		9/30/13


Total revenues	$	-	$	818	$	1,415	$	2,388

Pretax income (loss)		3		114		(94)		226
Income tax benefit (provision)		(2)		111		29		62
Net income (loss)	$	1	$	225	$	(65)	$	288
Net income (loss) attributable to Time Warner
Inc. shareholders	$	1	$	225	$	(65)	$	288

Per share information attributable to Time
Warner Inc. common shareholders:
Basic net income (loss) per common share	$	-	$	0.25	$	(0.08)	$	0.31
Average basic common shares outstanding		850.9		916.8		872.2		926.1

Diluted net income (loss) per common share	$	-	$	0.24	$	(0.07)	$	0.30
Average diluted common shares outstanding		870.2		938.8		891.6		948.7

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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