Time Warner, IBM Team

NEW YORK -- Time Warner Inc. andIBM (NYSE: IBM) today announced that the companies have entered intoa long-term patent cross-license agreement. Financial terms were notdisclosed.

Patent cross-licenses support one of the basic reasons for grantingpatents -- sharing information about new inventions -- and givecompanies greater freedom to innovate.

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

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

Time Warner Inc.