Historic TW Inc – ‘SC 13D/A’ on 8/8/00 re: Cdnow Inc/PA

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Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to General Statement of Beneficial           5     21K 
                          Ownership                                              

Document Table of Contents

SC 13D/A
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SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

SCHEDULE 13D  

Under the Securities Exchange Act of 1934 
(Amendment No. 1) 

CDnow, Inc. 

------------------------------------------------------------------------------- 
(Name of Issuer)  

Common Stock, without par value 
------------------------------------------------------------------------------- 
(Title of Class of Securities)  

125085100 
------------------------------------------------------------------------------- 
(CUSIP Number)  

Christopher P. Bogart, Esq. 
General Counsel 
Time Warner Inc.  
75 Rockefeller Plaza  
New York, NY 10019  
(212) 484-8000  

with copies to: 

Faiza J. Saeed, Esq.                           Robert Schumer, Esq.       
Cravath, Swaine & Moore                Paul, Weiss, Rifkind, Wharton & Garrison 
825 Eighth Avenue                        1285 Avenue of the Americas
New York, New York 10019                        New York, New York 10019        
(212) 474-1454                             (212) 373-3097   
------------------------------------------------------------------------------- 
(Name, Address and Telephone Number of Person Authorized  
to Receive Notices and Communications)  

August 3, 2000  
------------------------------------------------------------------------------- 
(Date of Event which Requires Filing of this Statement) 

     If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D, and    
is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or        
240.13d-1(g), check the following box [ ].                                      

Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.               
See Section 240.13d-7(b) for other parties to whom copies are to be sent.       

*The remainder of this cover page shall be filled out for a 
reporting person's initial filing on this form with respect to the subject      
class of securities, and for any subsequent amendment containing information    
which would alter disclosures provided in a prior cover page.                   

      The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities     
Exchange Act of 1934, as amended (the "Act"), or otherwise subject to the       
liabilities of that section of the Act but shall be subject to all other        
provisions of the Act (however, see the Notes).                                 

SC 13D/A
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CUSIP No.         125085100                                                     
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1     Names of Reporting Persons                                        
I.R.S. Identification Nos. of Above Persons (entities only) 
TIME WARNER INC.                                            
I.R.S. No.:  13-3527249                                     
------------------------------------------------------------------------------- 
2     Check the Appropriate Box if a Member of a Group                  
         (See Instructions)                                             (a)[ ]
                                                                        (b)[ ]
------------------------------------------------------------------------------- 
3     SEC Use Only                                                      
------------------------------------------------------------------------------- 
4     Source of Funds (See Instructions)                                
WC                                                          
------------------------------------------------------------------------------- 
5     Check if Disclosure of Legal Proceedings is Required              
------------------------------------------------------------------------------- 
         Pursuant to Items 2(d) or 2(e)                                    [ ]
------------------------------------------------------------------------------- 
6     Citizenship or Place of Organization                              
Delaware                                                    
------------------------------------------------------------------------------- 

           7       Sole Voting Power
Number of                0                      
                Shares          ----------------------------------------------
Beneficially      8       Shared Voting Power     
Owned by Each              1,202,750                
               Reporting        ----------------------------------------------
Person With       9       Sole Dispositive Power  
   0
                                ----------------------------------------------
                  10      Shared Dispositive Power
           1,202,750
------------------------------------------------------------------------------- 
11     Aggregate Amount Beneficially Owned by Each Reporting Person       
1,202,750                                                   
------------------------------------------------------------------------------- 
12     Check Box if the Aggregate Amount in Row (11) Excludes             
         Certain Shares (See Instructions)                                 [ ]
------------------------------------------------------------------------------- 
Percent of Class Represented                                
13     by Amount in Row (11)                                              
3.7%                                                        
------------------------------------------------------------------------------- 
14     Type of Reporting Person (See Instructions)                        
CO, HC                                                      
------------------------------------------------------------------------------- 

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SC 13D/A
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CUSIP No.         125085100                                                     
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1     Names of Reporting Persons                                        
I.R.S. Identification Nos. of Above Persons (entities only) 
TWI CDNOW HOLDINGS INC.                                     
------------------------------------------------------------------------------- 
2     Check the Appropriate Box if a Member of a Group                  
         (See Instructions)                                             (a)[ ]
                                                                        (b)[ ]
------------------------------------------------------------------------------- 
3     SEC Use Only                                                      
------------------------------------------------------------------------------- 
4     Source of Funds (See Instructions)                                
AF                                                          
------------------------------------------------------------------------------- 
5     Check if Disclosure of Legal Proceedings is Required              
         Pursuant to Items 2(d) or 2(e)                                    [ ]
------------------------------------------------------------------------------- 
6     Citizenship or Place of Organization                              
New York                                                    
------------------------------------------------------------------------------- 

    7    Sole Voting Power
Number of              0                              
             Shares           ------------------------------------------------
Beneficially        8    Shared Voting Power              
Owned by Each             1,202,750                         
           Reporting          ------------------------------------------------
Person With         9    Sole Dispositive Power           
0       
                              ------------------------------------------------
           10   Shared Dispositive Power
 1,202,750
------------------------------------------------------------------------------- 

11     Aggregate Amount Beneficially Owned by Each Reporting Person       
1,202,750                                                   
------------------------------------------------------------------------------- 
12     Check Box if the Aggregate Amount in Row (11) Excludes             
         Certain Shares (See Instructions)                                 [ ]
------------------------------------------------------------------------------- 
Percent of Class Represented                                
13     by Amount in Row (11)                                              
3.7%                                                        
------------------------------------------------------------------------------- 
14     Type of Reporting Person (See Instructions)                        
CO                                                          
------------------------------------------------------------------------------- 

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SC 13D/A
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This Amendment No. 1 (this "Amendment") hereby amends and   
supplements the Statement on Schedule 13D (the "Initial Statement") filed by    
Time Warner Inc. ("Time Warner") and TWI CDNow Holdings Inc. ("TWI CDNow        
Holdings") (collectively, the "Reporting Persons"), relating to the common      
stock (the "Common Stock") of CDnow, Inc. ("CDnow"). Capitalized terms used     
herein but not defined herein have the meanings ascribed to them in the         
Initial Statement.                                                              

Item 4.  Purpose of Transaction                                                 

  Item 4 of the Initial Statement is amended and restated in its
entirety as follows:                                                            

    As of August 3, 2000, Time Warner and TWI CDNow Holdings are the
beneficial owners of less than five percent of the outstanding CDnow Common     
Stock and therefore intend to make no further filings pursuant to Rule 13d-1    
promulgated under the Securities Exchange Act of 1934, as amended, until such   
time as either the Time Warner or TWI CDNow Holdings ownership of the CDnow     
Common Stock rises to a level above five percent of the outstanding CDnow       
Common Stock.                                                                   

Item 5.  Interest in Securities of the Issuer                                   

  Item 5 of the Initial Statement is amended and restated in its
entirety as follows:                                                            

    On August 3, 2000, CDnow prepaid all amounts due and outstanding
under a convertible loan agreement (the "Convertible Loan Agreement"), between  
CDnow, Time Warner and Sony Music Entertainment Inc. ("Sony Music"). Under the  
Convertible Loan Agreement, each of Time Warner and Sony Music, as lenders,     
had agreed to make term loans to CDnow, as borrower, in an amount not to        
exceed the loan commitment under the Convertible Loan Agreement. Each of Time   
Warner and Sony Music, at its sole option, at any time and from time to time,   
had the right to convert (the "Conversion Right") all outstanding loans made    
by it under the Convertible Loan Agreement, and any accrued and unpaid          
interest on the loans, into shares of CDnow Common Stock, at a conversion       
price of $10.00 per share (subject to customary anti- dilution adjustments).    
At the time of the filing of the Initial Statement on Schedule 13D, assuming    
that Time Warner had made loans to CDnow in the full amount of its loan         
commitment, based on the conversion price, Time Warner would have had the       
right, pursuant to the Conversion Right, to acquire beneficial ownership of     
1,500,000 shares of CDnow Common Stock. Time Warner's Conversion Right          
terminated upon CDnow's prepayment of Time Warner's loan under the Convertible  
Loan Agreement. As a result Time Warner is no longer deemed to beneficially     
own shares of CDnow Common Stock under the Convertible Loan Agreement, and is   
no longer the beneficial owner of more than 5% of the outstanding CDnow Common  
Stock.                                                                          

  TWI CDNow Holdings beneficially owns 1,202,750 shares of CDnow
Common Stock, representing less than 5% of the outstanding shares of CDnow      
Common Stock. Time Warner is deemed to beneficially own 1,202,750 shares of     
CDnow Common Stock, representing less than 5% of the outstanding shares of      
CDnow Common Stock, held by TWI CDNow Holdings. Time Warner and TWI CDNow       
Holdings may be deemed to share the power to vote, and the power to dispose of  
1,202,750 shares of CDnow Common Stock owned by TWI CDNow Holdings.             

      Except as described herein, none of the Reporting Persons, nor, to
the best knowledge of the Reporting Persons, any person listed in Annex A or    
Annex B of the Initial Statement, as appropriate, beneficially owns, or has     
acquired or disposed of, any shares of CDnow Common Stock during the past 60    
days.                                                                           

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SC 13D/A
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SIGNATURE 

   After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and  
correct.                                                                        

Dated:  August 8, 2000                                                          

             TIME WARNER INC.,

                     by:   /s/ Spencer B. Hays
                                           -----------------------------------
                               Name:   Spencer B. Hays
                              Title:  Vice President

                    TWI CDNOW HOLDINGS INC.,

                     by:   /s/ Spencer B. Hays
                                           -----------------------------------
                               Name:   Spencer B. Hays
                              Title:  Vice President

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13D/A’ Filing		Date		First		Last			Other Filings
Filed on:		8/8/00		5					None on these Dates
		8/3/00		1		4
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