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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes a breakdown by sub-segment (Turner, HBO, WB) and a pro-forma column excluding WB.",
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      "text": "Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth.",
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      "text": "OIBDA: 13.0%",
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      "text": "60% of Network's overall revenue is derived from subscription / affiliate fees (though certain TWX channels are either more ad-driven or carriage fee driven). Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth.",
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      "text": "Networks grew from $7.1 billion in 2001 to $9.6 billion in 2005, implying a CAGR over the period of 8.1%. OIBDA grew faster over the period at 13.0% due to margin improvement from 25.5% in 2001 to 30.5% in 2005. OIBDA is expected to be approximately $2.9 billion in 2005.",
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      "text": "(a) Excludes $219m of impairment charges and $21m of restructuring charges in 2003. Excludes a $7m loss related to the sale of the winter teams and $75m in one-time benefits in 2004A.",
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      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports and company filings. Note: 2001 does not reflect impact of FAS 142 or significant transactions recognized in 2002. 2002 - 2010 reflects restatements. OIBDA and operating income are pre-corporate expense allocations. 2005PF excludes the results of the WB Network.",
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      "text": "Exhibit 2B.37: NETWORKS HISTORICAL FINANCIALS ($ MM)",
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      "text": "VII. SUMMARY FINANCIALS",
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