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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "CONTENT: SHOULD IMPROVE THE MULTI-PLATFORM EXPLOITATION OF ITS CONTENT IF IT BECOMES A STAND-ALONE COMPANY",
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      "text": "The Networks and Filmed Entertainment SeparateCo would be the leader in their respective sectors with must-own content.",
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      "text": "1) Turner's networks... 2) HBO remains... 3) Warner Bros... 4) WBTV is by far...",
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      "text": "PF OIBDA: $4,512",
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      "text": "The Networks and Filmed Entertainment divisions of TWX have the critical size and market position required to thrive in their business verticals and should be combined into one SeparateCo:",
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      "text": "Source: Information and estimates based on various Wall Street research reports. Note: Financials exclude the results of the WB Network.",
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      "text": "(a) Information and estimates based on various Wall Street research reports and Kagan Research. Subscribers as of September 30, 2005. (b) Public Information. (c) Company filings. (d) Includes additional corporate expenses... (e) Assumes a tax rate...",
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      "text": "Exhibit 4.12: NETWORKS – PROJECTED FINANCIALS ($ MM)",
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      "text": "CHAPTER 4: VALUATION",
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