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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes a footnote regarding corporate expense allocation and a note excluding WB Network results.",
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      "text": "Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010.",
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      "text": "(a) The divisions of TWX already incur most of the costs related to a standalone company. Analysis assumes total 2005PF corporate overhead of $100 million for TWX allocated across Networks ($27 million)...",
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      "text": "Revenue: $12,520",
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      "text": "A significant portion of the revenue growth at Networks over the next five years is expected to be driven by Turner Networks. Turner Networks' revenue will increase from $5.5 billion in 2005 to $7.9 billion in 2010.",
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      "text": "Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010. OIBDA margins are forecasted to improve from 33.5% in 2005 to 36.3% in 2010.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and company filings. Note: Financials exclude the results of the WB Network.",
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      "text": "Financial projection table for Turner Networks and HBO",
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      "text": "Exhibit 2B.38: NETWORKS PROJECTED FINANCIALS ($ MM)",
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