{
  "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": 157,
  "pageCount": 371,
  "prevPage": 156,
  "nextPage": 158,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "Contains two tables: Exhibit 2C.37 (Projected Financials) and Exhibit 2C.38 (Free Cash Flow).",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/157",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-157",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-be01-5d0827dbd8e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.87
      },
      "kind": "disclaimer",
      "text": "Note: Assumes all Publishing segment taxes are cash taxes. (a) The divisions of TWX already incur most of the costs related to a standalone company... (b) Assumes an initial dividend yield of 2.0%. Based on an enterprise valuation of 10.5x 2006E OIBDA.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f48101f8-9c08-413b-984a-5d18417b8591",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow: $744",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14db-7299-be01-61c904b9f734",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.65,
        "x": 0.14,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Exhibit 2C.37 highlights the pro forma financial statements for Publishing for 2005E-2010E:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ed99c8c-17c2-4c08-b861-d2fe3ed3ed6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.72,
        "x": 0.14,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc4516f8-be0e-4aae-8834-fd158ddc3e19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.45,
        "x": 0.14,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "263dbf4e-5d90-418b-8c3b-8d3ad3df4b62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.72,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "table",
      "text": "Exhibit 2C.37: PUBLISHING - PROJECTED FINANCIALS ($ MM)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6edfa325-8b72-4a7f-8db3-ffd3f18e34a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.72,
        "x": 0.14,
        "y": 0.53
      },
      "kind": "table",
      "text": "Exhibit 2C.38: PUBLISHING - FREE CASH FLOW ($ MM)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc0e1eaf-8afb-4cca-b810-dc01e6489e73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.63,
        "y": 0.08
      },
      "kind": "title",
      "text": "CHAPTER 2C: PUBLISHING",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c09bab11-c877-4f7a-aef4-d8fc48590472",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}