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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide uses data to challenge the justification for keeping the Publishing division within the TWX portfolio.",
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      "text": "None of these revenue streams or relationships appears significant enough to justify Publishing being 100% owned by TWX.",
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      "text": "intersegment revenue: $1,095",
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      "text": "The second argument offered for Publishing to remain within the portfolio of TWX is to enable Warner Bros., New Line, WBTV or HBO to exploit the original content...",
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      "kind": "quote",
      "text": "the Company's publishing division was among the least integrated with TWX's online businesses, especially AOL. — Richard Greenfield, New York Times, December 14, 2005",
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      "text": "(a) Company filings. (b) Julie Bosman and Richard Siklos, Time Inc., Facing Declining Ad Pages, Lays Off 105, Including Top Executives, New York Times, December 14, 2005.",
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      "text": "CHAPTER 4: VALUATION",
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