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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "notes": "Uses a table to demonstrate the lack of overlap between TWX analysts and pure-play internet analysts.",
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      "text": "If AOL is the most complex division, shouldn't it be “liberated” as Mr. Case suggests?",
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      "text": "The strategy and structure of TWX has led to an unnatural shareholder base and, ultimately, to a sub-optimal trading multiple for the conglomerate. The combination of distribution assets (TWC), content assets (Networks, Film Entertainment, and Publishing) and online assets (AOL) presents a complicated investment thesis to an equity market that seeks simplicity and transparency.",
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      "text": "The restructuring into separate companies is expected to create \"pure play\" equities that provide simplicity, transparency and clarity to prospective investors and analysts.",
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      "text": "“liberated” — Steve Case",
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      "text": "(a) Steve Case, It's Time to Take it Apart, Washington Post, December 11, 2005.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 4.5: EQUITY COVERAGE OF DIVERSIFIED MEDIA VS INTERNET STOCKS",
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      "text": "1. FULL SEPARATION WOULD ALLOW THE DEVELOPMENT OF NATURAL SHARE-HOLDER BASE",
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      "text": "CHAPTER 4: VALUATION",
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