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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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      "text": "In summary, TWC requires freedom of movement if it is to realize the full intrinsic value of the business.",
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      "text": "First, a fully independent TWC will be better positioned to pursue potential transactions... Second, a fully separated TWC will be able to aggressively enter into joint ventures... Third, TWC as an independent company may, in time, consider a large-scale strategic partnership...",
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      "text": "If TWC doesn't pursue additional scale, this shift in the strategic landscape could undermine the long-term value of the TWC franchise. TWC, however, is well positioned to benefit in the intermediate-term from the Adelphia/Comcast transactions.",
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      "text": "TWC, over the long-term, still requires additional scale. Ongoing consolidation in the cable industry will likely be an important source of growth as MSOs seek to rationalize their footprints and leverage their platforms.",
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      "text": "In summary, TWC requires freedom of movement if it is to realize the full intrinsic value of the business. This can only occur with full separation from TWX.",
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      "text": "CHAPTER 4: VALUATION",
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