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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
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      "text": "The analysis assumes that each of the SeparateCos (with the exception of AOL) will likely trade, on a fully distributed basis, at a premium multiple due to its above average growth prospects, competitive position and strong operating management.",
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      "text": "1. Fully Distributed, Indicative Public Trading Value of Each SeparateCo: An analysis of the historical and projected financial performance of each of the divisions of TWX was conducted to estimate the fully distributed, indicative public trading value of each SeparateCo. The valuation analysis conducted on each SeparateCo included: an analysis of historical and current public trading multiples of comparable companies (“Comparable Company Analysis”), a review of precedent private market transactions involving a change of control of comparable companies (“Precedent Transaction Analysis”), a discounted cash flow analysis (“DCF Analysis”)",
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      "text": "The analysis that was performed to estimate the intrinsic value of TWX involved an assessment of the following: (1) the fully distributed, indicative public trading value (and multiple) of each SeparateCo (2) the impact of the assumed cost reductions at each SeparateCo (e.g., elimination of TWX corporate overhead and reductions in SG&A expenses) (3) the impact of the usage and timing of the NOLs at TWX",
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      "text": "The analysis assumes that each of the SeparateCos (with the exception of AOL) will likely trade, on a fully distributed basis, at a premium multiple due to its above average growth prospects, competitive position and strong operating management. The trading dynamics of the individual equities, it is assumed, would be further enhanced by the significant liquidity offered to investors and by shareholder-friendly corporate governance features. Each SeparateCo is assumed to have: 100% of its common stock distributed and trading in the public market, one voting class of stock (TWC’s dual class voting structure is expected to be eliminated), a fully autonomous Board of Directors to oversee the independent pursuit of shareholder value for each SeparateCo",
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      "kind": "title",
      "text": "VI. THE PIECES ARE WORTH MORE THAN THE WHOLE",
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