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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": "Exhibit 2C.14: PUBLISHING REVENUE BREAKDOWN ($ BN)",
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      "text": "2005E Revenue: $5.8",
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      "text": "TWX Book Group is one of the largest US book publishers and competes with Random House, Penguin Group, Harper Collins and Simon Schuster. The Book Industry Study Group, a trade organization, reported sales of general-interest books for adults rose 4.8% in 2004. TWX Book Group, the fifth-largest publisher in the US of general interest books for adults, has grown much faster than the industry. Sales in 2004 were approximately $450 million, which translates into a growth rate of 11%. TWX Book Group is expecting sales of more than $500 million in 2005. TWX Book Group publishes its titles under a number of well-known imprints including Warner Books and Little, Brown and Company. Warner Books is one of the leading publishers in the US of commercial adult hardcover titles and trade and mass market paperbacks. Little, Brown and Company, founded in 1837, is also one of the preeminent publishers of commercial and literary fiction and non-fiction in the US. TWX also publishes under other imprints that focus on Christian, children's and illustrated books, and operates an audiobooks division. TWX Book Group publishes books in the UK and acts as a third-party distribution and fulfillment agent for other publishers.",
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      "text": "TWX's book publishing operations are conducted primarily by TWX Book Group, a leading publisher of US consumer books focusing on commercial and literary fiction and non-fiction for adults and children. Book publishing is expected to represent approximately 10% of Publishing's 2005 revenue.",
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      "kind": "source-note",
      "text": "(a) Edward Wyatt, Chief of Time Warner Books To Step Down by Year-End, The New York Times, May 17, 2005.",
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