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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide uses a before-after comparison to justify the acquisition by showing the gap between current TWC performance and the acquired systems' performance.",
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      "text": "TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:",
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      "text": "Monthly Average Revenue Per Unit and Adjusted OIBDA Margin comparison between TWC and acquired systems.",
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      "text": "Adjusted OIBDA Margin: 39.0%",
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      "text": "On April 20, 2005, TWC and Comcast announced their agreement to purchase assets of Adelphia out of bankruptcy via a series of transactions. Pro forma for the Adelphia/Comcast transactions, TWC will gain a net additional 3.4 million basic subscribers.",
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      "text": "In addition to receiving 16% of TWC stock, TWC will pay Adelphia stakeholders approximately $9.2 billion in cash. Comcast will contribute $3.5 billion in cash to Adelphia stakeholders and, in connection with the swap of selected assets between Comcast and TWC, Comcast will redeem its stake in TWC.",
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      "text": "Information Source: Company filings; Time Warner investor presentation dated April 21, 2005.",
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      "text": "(a) Company filings. (b) Monthly ARPU is defined as average monthly revenue per basic cable subscriber. (c) Adjusted OIBDA is defined as Operating Income before Depreciation and Amortization excluding the impact of non-cash impairments.",
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      "text": "Overview of the Adelphia/Comcast Transactions",
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