{
  "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 155,
  "pageCount": 371,
  "prevPage": 154,
  "nextPage": 156,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 54,
  "notes": "Includes extensive footnotes regarding normalization and specific financial adjustments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/155",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-155",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "TWX has produced solid top-line growth versus the industry and has significantly greater margins reflecting its size, scale and leading franchises.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-be01-8c16e8b2d167",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "OIBDA margin: 21.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14db-7299-be01-92e97edb782a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.108
      },
      "kind": "paragraph",
      "text": "Exhibit 2C.36 illustrates Publishing's revenue growth, OIBDA growth and OIBDA margin compared to other public magazine publishing companies. TWX has produced solid top-line growth versus the industry and has significantly greater margins reflecting its size, scale and leading franchises.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90f5b206-75dc-4313-a668-217780ab780c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.15,
        "y": 0.445
      },
      "kind": "source-note",
      "text": "Source: Information based on Company filing and various Wall Street research reports. Note: Reflects financials for publishing segment as reported in Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ff54aef-dfb6-40bb-9fce-1b33ffea20b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.855
      },
      "kind": "source-note",
      "text": "(a) Normalized growth and margins to exclude one-time items. (b) Reflects EBITA. (c) Reflects whole Company. (d) 2001 normalized for acquisition of EMAP USA. (e) 2004 revenue growth normalized to exclude Time Life's $352 million of 2003 revenue would be 7.4%. (f) Normalized OIBDA growth excluding Time Life 2003 OIBDA loss of $63 million would be 1.8%. (g) Normalized OIBDA margin excluding Time Life 2003 OIBDA loss of $63 million would be 22.5%.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42513545-2842-4ab0-8276-991e5b1e4f99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.7,
        "x": 0.15,
        "y": 0.215
      },
      "kind": "table",
      "text": "Revenue Growth, OIBDA Growth, OIBDA Margin for Time Warner, EMAP, Meredith, Readers Digest, Primedia, Martha Stewart",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad80d02e-9878-4a1f-ad64-b8d3c494db84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.7,
        "x": 0.15,
        "y": 0.195
      },
      "kind": "title",
      "text": "Exhibit 2C.36: MAGAZINE PUBLISHING BENCHMARKING SUMMARY",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b86cbb48-c314-4214-a5cc-e00a95ab0e27",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "49121f38-241d-4ddc-8b43-da82c011da9d",
      "evidence": "Exhibit 2C.36: MAGAZINE PUBLISHING BENCHMARKING SUMMARY",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}