{
  "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": 240,
  "pageCount": 371,
  "prevPage": 239,
  "nextPage": 241,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide serves as a summary of credit analysis for a potential spin-off or standalone entity.",
  "elementsJson": [
    "kpi_table",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/240",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-240",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Publishing, as a separate stand alone company, would be the largest publicly traded company in the consumer magazine industry in the US.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b3-055b2599f5e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "leverage ratio: 4.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b3-0b95f9bb8271",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.032,
        "w": 0.764,
        "x": 0.118,
        "y": 0.114
      },
      "kind": "paragraph",
      "text": "The following qualitative and quantitative factors influencing the credit strength and target ratings of Publishing were assessed:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f964f8d-cabe-4164-980b-80050afa1728",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.764,
        "x": 0.118,
        "y": 0.608
      },
      "kind": "paragraph",
      "text": "Size, Scale and Resulting Cash Flows: Publishing, as a separate stand alone company, would be the largest publicly traded company in the consumer magazine industry in the US. Publishing is expected to generate 2005E revenue of $5.8 billion and $1.2 billion in pro forma OIBDA.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee353b07-6b4b-4d4c-9f1c-ae2aaacb4ec0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.095,
        "w": 0.764,
        "x": 0.118,
        "y": 0.812
      },
      "kind": "paragraph",
      "text": "Leverage, Debt Capacity and Access to Funds: Publishing, at initial leverage of 4.0x and 6.0x total debt/2005E OIBDA, should be able to borrow approximately $4.9 billion and $7.3 billion, respectively, at a blended cost of approximately 5.5% and 6.5%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fdd96b28-81a6-454c-8a7d-98d5dd692643",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.385,
        "w": 0.764,
        "x": 0.118,
        "y": 0.178
      },
      "kind": "table",
      "text": "Size, Scale and Cash Flow Generation: Revenues, OIBDA and FCF, Paid circulation. Liquidity and Debt Capacity: Initial leverage, Balance sheet strength, Capacity to incur leverage. Acquisition-Related Risk: Size/frequency of acquisitions, Impact, Effect on metrics. Business Diversification: Geographic presence, Diversity of ad categories. Dividend Policy: 2.0% yield. Industry Trends: Advertising market, Online competition, Circulation trends.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19c61bfa-6c9d-413b-8742-82a131bcda6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.764,
        "x": 0.118,
        "y": 0.078
      },
      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "305e2b7f-29e2-4c0e-a2b3-191e53f90f0d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}