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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "This is a text-heavy slide serving as an introduction to a chapter on AOL's business performance.",
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      "text": "In 2003, TWX management elected to remove AOL from the corporate moniker, a telling symbol of the diminished emphasis and expectations placed on the asset.",
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      "text": "Over the past five years, AOL's business has been adversely impacted by multiple changes in management, shifting strategies, an inability to drive synergies with sister divisions, a failure to respond in a timely manner to changes in market dynamics.",
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      "text": "First, AOL has enjoyed little-to-no identifiable benefit from its association with TWC, as AOL and Road Runner continue to compete with each other in the TWC franchise territory.",
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      "text": "Second, there is little evidence that TWX content has had a material impact on the attractiveness of AOL's offering in the eyes of customers. Currently, the primary consumer benefit of the AOL service offering promoted in media campaigns is AOL's security features.",
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      "text": "AOL is a leading consumer Internet business with a large loyal customer base and a storied history as a pioneer of the Internet sector. However, during the five years since the consummation of the merger with TWX, AOL's relative market position has significantly declined.",
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      "text": "A review of AOL's business activities since the Merger suggests that few of the proposed benefits of the transaction have materialized. At the time of the Merger, management articulated a vision whereby the assets of AOL and TWX would be leveraged in complementary ways.",
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      "text": "I. EXECUTIVE SUMMARY",
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