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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": 269,
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  "slideType": "peer_benchmark",
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  "nDataPoints": 35,
  "notes": "The slide uses historical data (2001-2005) and current peer benchmarking to argue that TWX's shareholder base is misaligned with its divisions, supporting a spin-off strategy.",
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      "text": "TWX's divisions are valued by investors based on different metrics: OIBDA, FCF, EPS or yield. Each of TWX's divisions should be positioned to appeal to specific categories of investors: Growth, GARP, Value and Index.",
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      "kind": "chart",
      "text": "Exhibit 4.6: TWX HISTORICAL SHAREHOLDER BASE: 2001 - 2005",
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      "text": "Exhibit 4.7: ANALYSIS OF CURRENT SHAREHOLDER BASE: TWX VS. CONTENT AND CABLE STOCKS",
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      "text": "shareholder base composition",
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      "text": "TWX's divisions are valued by investors based on different metrics: OIBDA, FCF, EPS or yield. Each of TWX's divisions should be positioned to appeal to specific categories of investors: Growth, GARP, Value and Index. Each SeparateCo will likely become a “must-own” stock in its sector.",
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      "kind": "paragraph",
      "text": "TWX's current shareholder base differs from pure-play content and distribution (cable) stocks in the market.",
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      "kind": "paragraph",
      "text": "Full separation, not partial separation through the distribution of a minority ownership stake, is required to achieve a positive outcome for both the SeparateCos and the shareholders. The example of TWC will be used to illustrate this point.",
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      "text": "A partial listing of TWC shares, while it would place a public market value on TWC, would not eliminate the imbedded discount which results from several factors, including (1) the dual class",
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      "kind": "source-note",
      "text": "(a) Includes E.W. Scripps, DreamWorks, Discovery, Pixar and Lions Gate Entertainment. (b) Includes Comcast, Cablevision, Charter and Mediacom.",
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      "kind": "title",
      "text": "CHAPTER 4: VALUATION",
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