COMPANY TOWN ANNEX

Time Warner Board Expected to Discuss Cable Purchases: Directors are expected today to also talk about restructuring Time Warner Entertainment in addition to possible acquisitions of Cablevision Industries and the cable properties of Houston Industries. The cable acquisitions have become linked with the restructuring of Time Warner’s 63%-owned sister company, Time Warner Entertainment. The other partners in Time Warner Entertainment, which contains Time Warner’s cable and filmed entertainment holdings, are US West Inc. and Itochu Corp. and Toshiba Corp., both of Japan.