Exhibit 12.1

Time Warner Inc.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividend Requirements

($s in millions)

	Nine Months
	Ended
	September 30,			Year Ended December 31,
	2006			2005			2004			2003			2002			2001
Earnings:
Net Income (Loss) before income taxes, discontinued operations and cumulative effect of accounting change	$	4,947		$	3,599		$	4,290		$	3,727		$	(42,281	)	$	(7,557	)
Interest expense		1,354			1,622			1,754			1,926			1,872			1,505
Amortization of capitalized interest		3			3			3			3			3			5
Portion of rents representative of an interest factor		167			207			199			248			300			323
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—			—
Adjustment for partially owned subsidiaries and 50% owned companies		327			330			274			224			343			126
Undistributed losses (earnings) of less than 50% owned companies		(34	)		(15	)		19			152			363			884
Total earnings	$	6,764		$	5,746		$	6,539		$	6,280		$	(39,400	)	$	(4,714	)
Fixed Charges:
Interest expense	$	1,354		$	1,622		$	1,754		$	1,926		$	1,872		$	1,505
Capitalized interest		11			10			2			1			2			4
Portion of rents representative of an interest factor		167			207			199			248			300			323
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—			—
Adjustment for partially owned subsidiaries and 50% owned companies		62			87			72			69			80			110
Total fixed charges	$	1,594		$	1,926		$	2,027		$	2,244		$	2,254		$	1,942
Pretax income necessary to cover preferred dividend requirements
Total combined	$	1,594		$	1,926		$	2,027		$	2,244		$	2,254		$	1,942
Ratio of earnings to fixed charges (deficiency in the coverage of fixed charges by earnings before fixed charges)		4.2	x		3.0	x		3.2	x		2.8	x	$	(41,654	)	$	(6,656	)
Ratio of earnings to combined fixed charges and preferred dividend requirements (deficiency in the coverage of combined fixed charges and preferred dividend requirements deficiency)		4.2	x		3.0	x		3.2	x		2.8	x	$	(41,654	)	$	(6,656	)