{
  "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 286,
  "pageCount": 371,
  "prevPage": 285,
  "nextPage": 287,
  "slideType": "precedent_table",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 20,
  "notes": "Page 261 from a Lazard activist deck regarding Time Warner (TWX).",
  "elementsJson": [
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/286",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-286",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "These four movies combined generated $170 million or 2% of total US box office revenue generated by Warner Bros. and New Line from 2001 - 2005.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b6-793b5a357709",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "US box office revenue: $170 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b6-8073d638df18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.78,
        "x": 0.11,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "Publishing, with over 150 magazines or communities of interest, has a modest record of organic investment and innovation. The division has managed only six successful launches over the last decade. Publishing should be reinvesting more in new product.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12a53ca7-ad89-4bba-8349-bcc945174e46",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "Publishing, given its scale and predictable cash flows, is well positioned as a standalone company to build its global footprint and expand its revenue base, OIBDA and OIBDA margins. The unit as an independent company would also be more focused on its cost structure.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16f3149d-5e89-4933-b524-be8d12b25230",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.46
      },
      "kind": "paragraph",
      "text": "The third argument offered for retaining Publishing within TWX has been for Publishing to exploit the other TWX brands in print. Interestingly, none of Publishing's new launches or titles bear any connection to the powerful content brands owned by the Parent.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82477ad3-c86f-4d91-bdd2-32b5dcc2e0fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "Exhibit 4.20 summarizes, based on publicly available information, the TWX movies that were produced based on material from Publishing.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbeaa6eb-fa3d-4c17-bbc2-e0bca765787e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.78,
        "x": 0.11,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "These four movies combined generated $170 million or 2% of total US box office revenue generated by Warner Bros. and New Line from 2001 - 2005. Warner Bros. and New Line could, even if Publishing were a separate company, compete and acquire such film rights.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0eea10a-3cdf-4389-a039-a9df06abe139",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.62
      },
      "kind": "quote",
      "text": "This [recent cost cutting] move is part of a larger effort to simplify our management structure, speed decision making and reduce costs. We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b35a59ef-8986-4f7e-85d8-bfc1e3393c3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "This [recent cost cutting] move is part of a larger effort to simplify our management structure, speed decision making and reduce costs. We are reallocating our workload and assets in order to invest in areas of higher growth, including online and new launches. — Ann Moore, Chairman and CEO of Publishing",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b6-7f108b2c259e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.11,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(a) US gross revenue rank out of a total of 113 Warner Bros. and 49 New Line movies since 2001. (b) Stephanie Smith, Time Inc. Streamlines to Stimulate Growth, Mediaweek, December 19, 2005.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2005a009-f647-4569-8bd1-e4f505675336",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.15
      },
      "kind": "table",
      "text": "Studio, Movie, Release Date, U.S. Gross Revenue, Rank, Novel by, Publisher. Warner Bros, A Walk to Remember, 1/25/02, $41.3, 67, Nicholas Sparks, Warner Books. Blood Work, 8/9/02, 26.2, 100, Michael Connelley, Warner Books. Valentine, 2/2/01, 20.4, 113, Tom Savage, Little Brown. New Line, The Notebook, 6/25/04, 81.0, 31, Nicholas Sparks, Warner Books.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "504324ce-f198-43e6-9752-04a33317989c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.23,
        "x": 0.66,
        "y": 0.07
      },
      "kind": "title",
      "text": "CHAPTER 4: VALUATION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d1a5019-efa4-4d34-897d-70740ea2cf60",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}