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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 details on put/call options for Synapse and joint venture termination clauses for Book-of-the-Month Club.",
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      "text": "Exhibit 2C.16: PUBLISHING REVENUE BREAKDOWN ($ BN)",
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      "text": "2005E Revenue: $5.8bn",
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      "text": "Book-of-the-Month Club, Inc. (“BOMC”) has a 50-50 joint venture with Bertelsmann’s Doubleday Direct, Inc. to operate jointly the US book clubs of BOMC and Doubleday. The joint venture, named Bookspan, acquires the rights to manufacture and sell books to consumers through clubs. Bookspan operates its own fulfillment and warehousing operations. Beginning in June 2005, either Bertelsmann or Publishing may elect to terminate the venture by giving notice during specified termination periods. If such an election is made by either party, a confidential bid process will take place pursuant to which the highest bidder will purchase the other party’s interest.",
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      "text": "TWX conducts its direct marketing businesses through Synapse, Southern Living and Book-of-the-Month. Direct marketing is forecasted by various Wall Street analysts to represent approximately 10% of Publishing's 2005 revenue.",
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      "text": "Southern Living At Home, the direct selling division of Southern Progress Corporation, specializes in home décor products which are sold through independent consultants.",
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      "text": "TWX owns 92% of Synapse, a leading magazine subscription agent in the US. Synapse sells magazine subscriptions principally through marketing relationships with credit card issuers, consumer catalog companies, commercial airlines with frequent flier programs and Internet businesses. Additionally, Synapse is a direct marketer of consumer products, including software, DVDs and other merchandise. In April 2006, the minority shareholders of Synapse may exercise their right to require TWX to purchase their remaining interest in Synapse (the “Synapse Put”), and in May 2006, TWX may exercise its right to require the Synapse shareholders to sell their entire interest in Synapse to TWX (the “TWX Call”). The price to be paid upon exercise of either the Synapse Put or the TWX Call would be based upon Synapse’s earnings for 2005.",
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