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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "The slide provides context for investor demand and market concentration in the cable sector.",
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      "text": "The 16% minority stake, despite TWC's relatively large capitalization, creates insufficient float for investors seeking to build positions.",
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      "text": "Equity Market Value",
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      "text": "The full separation of TWC would allow the equity to be valued based on TWC's performance and prospects, rather than on the strategy and constraints of TWX.",
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      "kind": "quote",
      "text": "“traded at a discount to its cable comparables.” — Bear Stearns' equity analyst",
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      "text": "(a) Raymond Katz, Time Warner - Mr. Icahn's 14A - A Critique, Bear Stearns, September 13, 2005. (b) Public sources.",
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      "text": "Table showing 25 holders and their market value across TWX, CMCSA, CVC, ICCI, CHTR, MCCC, and total equity.",
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      "text": "Exhibit 4.8: TOP 25 HOLDERS OF CABLE STOCKS BY EQUITY MARKET VALUE ($ MM)",
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      "text": "CHAPTER 4: VALUATION",
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