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Time Warner, IBM Team

NEW YORK -- Time Warner Inc. and
IBM (NYSE: IBM) today announced that the companies have entered into
a long-term patent cross-license agreement. Financial terms were not
disclosed.

Patent cross-licenses support one of the basic reasons for granting
patents -- sharing information about new inventions -- and give
companies greater freedom to innovate.

According to Chuck Fish, vice president and patent counsel at Time
Warner, "Time Warner recognizes IBM's record of sustained innovation.
A license to IBM's broad portfolio of patents is a valuable asset for
Time Warner."

Dan Cerutti, IBM's general manager of software intellectual property,
said, "IBM and Time Warner have rich histories of pioneering
innovation in online and networked systems dating back to before the
development of the World Wide Web. We are pleased to be able to share
our innovations through a patent cross-license."

Time Warner Inc.