X0201 42004-01-05 0001105705 TIME WARNER INC TWX 0001240994 CLARK ROBERT C 75 ROCKEFELLER PLAZA NEW YORK NY 10019 1000Directors Stock Option (right to buy)18.162004-01-054A080000A2014-01-04Common Stock, par value $.0180008000DThis option vests in increments of 25% on the first four anniversaries of the date of grant, January 5, 2004.Brenda C. Karickhoff for Robert C. Clark2004-01-06