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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
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  "pageNumber": 267,
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  "notes": "The slide uses a numbered list to detail the specific benefits of a corporate separation (breakup/spinoff).",
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      "kind": "callout",
      "text": "The creation of SeparateCos could lead to an increase in the underlying trading multiple for the combined units versus the current blended trading multiple for TWX.",
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      "text": "(1) Allows each SeparateCo to develop a natural shareholder base given a simple, clear and transparent proposition to the market\n(2) Allows each SeparateCo to develop a rational, tailor-made financial strategy\n(3) Disciplines each SeparateCo to streamline its cost structure\n(4) Allows each SeparateCo the freedom of strategic movement\n(5) Allows each SeparateCo to create appropriate management incentive plans\n(6) Allows for the possible future sale of each SeparateCo",
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      "kind": "paragraph",
      "text": "The break-up of the Company should extract the maximum fully distributed trading value for the divisions of TWX. The fundamental logic is that TWX's size, scale and structure have created a significant discount that has not been offset by demonstrable operating efficiencies among the divisions.",
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      "text": "III. THE RATIONALE FOR SEPARATION",
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