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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "TWC's OIDBA margin of 39.1% in 2005 historically has been at the high end of the peer group reflecting the well-clustered systems in attractive markets.",
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      "text": "Exhibit 2D.23: OIBDA MARGIN",
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      "text": "Note: 2005 Estimates for TWC and Comcast are not pro forma for the Adelphia/Comcast transactions. (a) Pro forma for the reclassification of Comcast's regional sports channel and franchising fees into its cable segment.",
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      "text": "OIBDA growth at TWC has consistently increased year-over-year through the introduction of new high margin products and the success of up-selling efforts. While the majority of cable operators have seen declining growth rates, TWC has efficiently expanded its product offerings and is poised for considerable upside through expansion of its VoIP product and the integration of Adelphia.",
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      "text": "PROFITABILITY",
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