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Time Warner Inc. Reports Fourth-Quarter And Full-Year 2012 Results

During the three months ended December 31, 2012, the Company also recognized $8 million of other miscellaneous noncash asset impairments consisting of $2 million at the Film and TV Entertainment segment and $6 million at the Publishing segment. In addition, during the year ended December 31, 2012, the Company recognized $4 million of other miscellaneous noncash asset impairments consisting of $2 million at the Networks segment and $2 million at the Film and TV Entertainment segment.

During the three months ended December 31, 2011, the Company recorded $29 million of noncash impairments. This reflected $6 million at the Networks segment primarily related to a trade name impairment; $6 million at the Film and TV Entertainment segment related to various miscellaneous assets; and $17 million at the Publishing segment, $11 million of which related to a trade name impairment with the remainder relating to other miscellaneous assets. In addition, during the year December 31, 2011, the Company recorded $12 million of noncash impairments of capitalized software costs at the Film and TV Entertainment segment and $3 million of other miscellaneous noncash impairments at the Film and TV Entertainment segment.

Gain on Operating Assets, Net

During the three months and year ended December 31, 2012, the Company recognized $5 million of income and a $36 million loss, respectively, at the Publishing segment in connection with the sale in the first quarter of 2012 of Time Inc.’s school fundraising business, QSP (the “QSP Business”).

During the three months and year ended December 31, 2012, the Company also recognized a $34 million gain at the Networks segment on the settlement of an indemnification obligation related to the 2007 sale of the Atlanta Braves baseball franchise and a $10 million gain at the Corporate segment on the disposal of certain corporate assets. In addition, for the year ended December 31, 2012, the Company recognized $1 million of noncash income at the Film and TV Entertainment segment associated with a fair value adjustment on certain contingent consideration arrangements.

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