UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  -------------

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934

                               (Amendment No. 1)*

                                  Gateway, Inc.
                                  -------------
                                (Name of Issuer)


                     Common Stock, par value $0.01 per share
                     ---------------------------------------
                         (Title of Class of Securities)


                                    367626108
                                    ----------
                                 (CUSIP Number)


                                December 31, 2004
                                ------------------
             (Date of Event which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

                |_|      Rule 13d-1(b)

                |X|      Rule 13d-1(c)

                |_|      Rule 13d-1(d)

*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 the
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 ("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).





                                  SCHEDULE 13G


================================================================================

CUSIP No. 367626108                                            Page 2 of 8 Pages
                                                                             

================================================================================


1    NAME OF  REPORTING  PERSONS  I.R.S.  IDENTIFICATION  NO.  OF ABOVE  PERSONS
     (ENTITIES ONLY)

                     Time Warner Inc.
                     13-4099534

--------------------------------------------------------------------------------


2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP           a|_|

                                                                b|_|

--------------------------------------------------------------------------------


3    SEC USE ONLY


--------------------------------------------------------------------------------


4    CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

================================================================================

                        5       SOLE VOTING POWER              0
NUMBER OF
  SHARES
BENEFICIALLY            --------------------------------------------------------
 OWNED BY
   EACH                 6       SHARED VOTING POWER            0
 REPORTING
  PERSON                --------------------------------------------------------
  WITH                
                        7       SOLE DISPOSITIVE POWER         0

                        --------------------------------------------------------

                        8       SHARED DISPOSITIVE POWER       0

================================================================================

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     0

--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)             0%

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON                                   HC

================================================================================





                                  SCHEDULE 13G


================================================================================

CUSIP No. 367626108                                            Page 3 of 8 Pages

================================================================================

1    NAME OF  REPORTING  PERSONS  
     I.R.S.  IDENTIFICATION  NO.  OF ABOVE  PERSONS (ENTITIES ONLY)

                            America Online, Inc.
                            54-1322110

--------------------------------------------------------------------------------

2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP           a|_|

                                                                b|_|

--------------------------------------------------------------------------------

3    SEC USE ONLY


--------------------------------------------------------------------------------


4    CITIZENSHIP OR PLACE OF ORGANIZATION                      Delaware

================================================================================
NUMBER OF
 SHARES
BENEFICIALLY            5       SOLE VOTING POWER              0
OWNED BY
  EACH                  --------------------------------------------------------
REPORTING
 PERSON                 6       SHARED VOTING POWER            0
  ITH 
                        --------------------------------------------------------

                        7       SOLE DISPOSITIVE POWER         0

                        --------------------------------------------------------

                        8       SHARED DISPOSITIVE POWER       0

================================================================================

9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    0

--------------------------------------------------------------------------------

10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|

--------------------------------------------------------------------------------

11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)           0%

--------------------------------------------------------------------------------

12   TYPE OF REPORTING PERSON                           CO

================================================================================





CUSIP No. 367626108                                            Page 4 of 8 Pages


Item 1(a)       Name of Issuer

                        Gateway, Inc.                             

Item 1(b)       Address of Issuer's Principal Executive Offices:

                        14303 Gateway Place, Poway, CA 92064              

Item 2(a)       Name of Person Filing:

                        Time Warner Inc.                              

Item 2(b)       Address of Principal Business Office or, if none, Residence:

                        One Time Warner Center, New York, NY 10019  

Item 2(c)       Citizenship:

                        Delaware                                             
 
Item 2(d)       Title of Class of Securities:

                        Common Stock, par value $0.01 per share          

Item 2(e)       CUSIP Number:

                        367626108                                      

Item 3.         If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b)
                or (c), check whether the person filing is a:

(a)             |_| Broker or dealer registered under Section 15 of the Act.

(b)             |_| Bank as defined in Section 3(a)(6) of the Act.

(c)             |_| Insurance company as defined in Section 3(a)(19) of the Act.

(d)             |_| Investment company registered under Section 8 of the 
                    Investment Company Act of 1940.

(e)             |_| An investment adviser in accordance with Rule 13d-1(b)(1)
                    (ii)(E);

(f)             |_| An employee  benefit plan or  endowment  fund in  accordance
                    with Rule 13d-1(b)(1)(ii)(F);

(g)             |_| A parent  holding  company or control  person in  accordance
                    with Rule 13d-1(b)(1)(ii)(G);

(h)             |_| A savings association as defined in Section 3(b) of the 
                    Federal Deposit Insurance Act;

(i)             |_| A church plan that is excluded  from the  definition  of an 
                    investment company under Section 3(c)(14) of the Investment 
                    Company Act of 1940;

(j)             |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).





CUSIP No. 367626108                                            Page 5 of 8 Pages

Item 4.        Ownership.

               Provide the following  information regarding the aggregate number
               and   percentage  of  the  class  of  securities  of  the  issuer
               identified in Item 1.

(a)            Amount beneficially owned:

                           0                                          

(b)            Percent of Class:

                           0%                                            
             
(c)            Number of shares as to which such person has:

(i)            Sole power to vote or to direct the vote                        0

(ii)           Shared power to vote or to direct the vote                      0

(iii)          Sole power to dispose or to direct the disposition of           0

(iv)           Shared power to dispose or to direct the disposition of         0


Item 5.        Ownership of Five Percent or Less of a Class.

               If this  statement  is being  filed to report the fact that as of
               the  date  hereof  the  reporting  person  has  ceased  to be the
               beneficial  owner  of more  than  five  percent  of the  class of
               securities, check the following. [X]

Item 6.        Ownership of More than Five Percent on Behalf of Another Person.

               Except as otherwise disclosed in periodic public filings with the
               Securities and Exchange  Commission,  no other person is known to
               have the right to receive  or the power to direct the  receipt of
               dividends   from,   or  the  proceeds  from  the  sale  of,  such
               securities.

Item 7.        Identification  and Classification of the Subsidiary Which 
               Acquired the Security Being Reported on by the Parent Holding 
               Company.

               America Online, Inc. - CO

Item 8.        Identification and Classification of Members of the Group.

               Not Applicable.

Item 9.        Notice of Dissolution of Group.

               Not Applicable.





CUSIP No. 367626108                                            Page 6 of 8 Pages

Item 10.       Certifications.

               By signing  below I certify that, to the best of my knowledge and
               belief,  the  securities  referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing  the control of the issuer of the securities and were
               not  acquired  and  are  not  held  in  connection  with  or as a
               participant in any transaction having that purpose or effect.





CUSIP No. 367626108                                            Page 7 of 8 Pages



                                    SIGNATURE

     After  reasonable  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.

Date:    February 3, 2005
                                               Time Warner Inc.


                                                /s/ Wayne H. Pace
                                               --------------------------------
                                                       (Signature)

                                               Wayne H. Pace
                                               Executive Vice President and
                                               Chief Financial Officer
                                               --------------------------------
                                                       (Name/Title)



                                               America Online, Inc.


                                                /s/ Thomas R. Colan
                                               --------------------------------
                                                       (Signature)

                                               Thomas R. Colan
                                               Senior Vice President, Controller
                                               and Treasurer
                                               --------------------------------
                                                       (Name/Title)






CUSIP No. 367626108                                            Page 8 of 8 Pages




                                                                   EXHIBIT NO. 1

                             JOINT FILING AGREEMENT


     Time Warner  Inc.,  a Delaware  corporation,  and America  Online,  Inc., a
Delaware corporation, each hereby agrees, in accordance with Rule 13d-1(k) under
the Securities  Exchange Act of 1934, that the Schedule 13G filed herewith,  and
any amendments thereto, relating to the shares of Common Stock, par value $0.01,
of Gateway,  Inc. is, and will be,  jointly  filed on behalf of each such person
and further agree that this Joint Filing  Agreement be included as an Exhibit to
such joint filings.  In evidence  thereof,  the undersigned  hereby execute this
Agreement as of the date set forth below.

Dated:  February 3, 2005

                                        TIME WARNER INC.



                                        By:    /s/ Wayne H. Pace
                                        ----------------------------------------
                                        Name:  Wayne H. Pace
                                        Title: Executive Vice President 
                                               and Chief Financial Officer



                                        AMERICA ONLINE, INC.



                                        By:    /s/ Thomas R. Colan
                                        ----------------------------------------
                                        Name:  Thomas R. Colan
                                        Title: Senior Vice President, Controller
                                               and Treasurer