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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "The slide contains two main sections: financial strategy for separate entities and incentives for cost streamlining, using TWC and WMG as case examples.",
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      "text": "The creation of the SeparateCos should not lead to an increase in the overall costs of each unit. In fact, costs could decrease over the long-term.",
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      "text": "The creation of SeparateCos will allow tailor-made capital structures for each entity based upon its growth prospects, free cash flow characteristics, credit ratings sensitivities and specific sector challenges.",
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      "text": "have a complexity of balance sheet and financial structure that is very different from a content company...our cable company could both grow more effectively and compete more effectively if it had its own financial house that it lived in.... — Mr. Parsons (Bear Stearns conference call, March 1, 2005)",
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      "text": "(a) Bear Stearns conference call, March 1, 2005. (b) WMG Registration Statement dated May 10, 2005.",
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      "text": "CHAPTER 4: VALUATION",
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      "text": "3. INCENTIVES TO STREAMLINE THE COST STRUCTURE AND EFFICIENTLY INVEST CAPITAL",
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      "text": "2. EACH SEPARATECO NEEDS ITS OWN RATIONAL FINANCIAL STRATEGY",
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