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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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      "text": "Agility [and] innovation will separate the winners from the losers. In the 21st century, large is no longer in charge.",
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      "text": "Exhibit 1.5: MEDIA LANDSCAPE EVOLUTION",
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      "kind": "paragraph",
      "text": "The history of TWX is critical to an understanding of the current dilemma. The $14 billion combination of Time Inc. (\"Time\") and Warner Communications (\"Warner\") in 1990 held great promise...",
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      "kind": "paragraph",
      "text": "Over the same period of time, the media industry has experienced significant change. Leading media and entertainment companies have boldly restructured...",
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      "kind": "quote",
      "text": "[Y]ou do not have to be a visionary to see that the media industry has changed dramatically over the past few years. Consolidation was a necessary and positive trend in the evolution of these businesses. But we have entered a new era of rapid technological change and global competition. Bulk will not assure success. Agility [and] innovation will separate the winners from the losers. In the 21st century, large is no longer in charge. — Sumner Redstone, Final Transcript of Viacom Q2 2005 Earnings Conference Call, August 4, 2005.",
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      "text": "(a) Sumner Redstone, Final Transcript of Viacom Q2 2005 Earnings Conference Call, August 4, 2005. (b) Connie Bruck, Master of the Game 256 (Penguin Group (USA) 1994).",
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      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "III. HISTORY AND STRUCTURE",
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      "text": "CHAPTER 1: THE CONTEXT",
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