EXHIBIT 99.1


AOL TIME WARNER AGREES TO SELL ITS DVD/CD MANUFACTURING AND PHYSICAL
DISTRIBUTION BUSINESSES TO CINRAM INTERNATIONAL FOR $1.05 BILLION

NEW YORK, July 18, 2003 - AOL Time Warner Inc. (NYSE: AOL) announced today a
definitive agreement to sell Warner Music Group's DVD and CD manufacturing,
printing, packaging, physical distribution and merchandising businesses to
Cinram International Inc. (TSE: CRW) for approximately $1.05 billion in cash.

The agreement includes the sale of the following businesses: WEA Manufacturing
Inc., Warner Music Manufacturing Europe GmbH, Ivy Hill Corporation, Giant
Merchandising and the physical distribution operations of
Warner-Elektra-Atlantic Corporation (WEA Corp.). The sales and marketing
operations of WEA Corp. will remain as a part of Warner Music Group.

In addition, Warner Music Group, along with AOL Time Warner's Warner Home Video
and New Line Cinema businesses, have entered into long-term agreements under
which Cinram will serve as the manufacturer, printer, packager and physical
distributor for these companies' DVDs and CDs in North America and Europe.

Dick Parsons, AOL Time Warner's chairman and CEO, said: "We're very pleased to
have reached an agreement with Cinram that meets our strategic and financial
objectives. The agreement ensures these businesses and their employees a great
home while continuing to provide Warner Music Group, Warner Home Video and New
Line Cinema with the highest quality manufacturing and distribution services in
the industry. Just as important, it demonstrates the significant progress we've
made toward fulfilling our commitment to reducing debt through Free Cash Flow
generation and the sale of non-strategic assets. With this agreement, as well as
our legal settlement with Microsoft and the sale of our interests in Comedy
Central and GM Hughes, we have announced this year transactions generating
nearly $3.8 billion in cash proceeds earmarked for debt reduction."

Roger Ames, Warner Music Group's chairman and CEO, said: "We're in a period of
rapid change in the music business and are working to make Warner Music Group as
streamlined, efficient and agile as possible. The agreement we're announcing
today is part of that evolution. Each of the companies being sold has a long and
rich history as part of Warner Music, and each is a leader in its field. Cinram
is a well-managed, international company that not only recognizes the tremendous
value of these assets, but has demonstrated a commitment to quality and service.
We're confident that these businesses and their employees will continue to
thrive under Cinram's leadership, and we're pleased that Warner Music will
continue to manufacture, package and distribute its products through Cinram."

Had the sale and output arrangements with Cinram described above occurred at the
beginning of 2003, Operating Income before Depreciation and Amortization for AOL
Time Warner for the six months ended June 30, 2003 would have been reduced by
approximately $130 million. Such amount reflects Operating Income of
approximately $100 million plus Depreciation and Amortization of approximately
$30 million.

Completion of the transaction is subject to appropriate regulatory reviews in
the United States and other countries and other customary closing conditions.

Morgan Stanley acted as financial advisor and Cravath, Swaine & Moore LLP acted
as legal advisor to AOL Time Warner on this transaction.

About AOL Time Warner Inc.


AOL Time Warner is the world's leading media and entertainment company, whose
businesses include interactive services, cable systems, filmed entertainment,
television networks, music and publishing.

About Warner Music Group

Warner Music Group is home to some of the world's leading record companies,
including The Atlantic Group, Elektra Entertainment Group, Rhino Entertainment,
Warner Bros. Records Inc. and Word Entertainment. The company's Warner Music
International operates in more than 70 countries through various subsidiaries,
affiliates and non-affiliated licensees. Warner Music Group also includes one of
the world's leading music and print music publishers, Warner/Chappell, and WEA
Inc., which is composed of three companies, WEA Corp., WEA Manufacturing, and
Ivy Hill. Warner Music Group is an AOL Time Warner company. For more information
about Warner Music Group visit our corporate website at www.wmg.com.

About Cinram International Inc.

Cinram International Inc. is one of the world's largest independent providers of
pre-recorded multimedia products and services, and custom-order downloadable and
optical disc digital content. With facilities in Canada, the United States,
Europe, and Latin America, Cinram manufactures and distributes pre-recorded VHS
videocassettes, audio cassettes, music CDs, CD-ROM and DVD for motion picture
studios, music labels, publishers and computer software companies around the
globe. Cinram's shares are listed on The Toronto Stock Exchange under the symbol
CRW.

Contact Info:
Edward Adler (Corporate Communications)
(212) 484-6630

Tricia Primrose (Corporate Communications)
(212) 484-7450

John Martin (Investor Relations)
(212) 484-6579