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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": "Includes detailed footnotes (a-h) explaining assumptions for interest, dividends, and corporate expenses.",
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      "text": "(a) Pro forma for interest payment reflecting a 4.0x 2005E leverage. Pro forma for dividends paid equal to 2006E dividends. Assumes interest rate of 5.5%. (b) Includes additional corporate expenses... (c) Assumes 4.0x 2005E leverage. (d) Assumes tax rate of 37.0%.",
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      "text": "Free Cash Flow: $744",
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      "text": "Exhibit 3.37 illustrates the cash flow forecasts for Publishing assuming the incurrence of $4.9 billion of total debt or initial leverage of 4.0x total debt/OIBDA...",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Financial projection table for Publishing 2005PF-2010PF",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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