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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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      "text": "(a) Pro forma as if the acquisition of IPC had occurred on January 1, 2001... (d) Pro forma excludes an $8 million gain on sale of assets.",
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      "text": "OIBDA margin: 21.2%",
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      "text": "Publishing generated revenue of $5.6 billion... OIBDA margins have been relatively stable since 2001 at 19-21%.",
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      "text": "Exhibit 2C.35: PUBLISHING - HISTORICAL FINANCIAL ($ MM)",
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      "text": "V. FINANCIAL PERFORMANCE",
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