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      "text": "Viacom 12.5x, Disney 9.3x, TWX 8.3x, News Corp 8.3x, CBS 8.2x",
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      "text": "2006E EBITDA multiple: 12.5x",
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      "text": "The recent restructuring of Viacom provides evidence that the market should reward the disaggregation of media conglomerates.",
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      "text": "(a) Prices as of January 27, 2006. (b) Net value created through multiple expansion is $12.7 billion... (c) Represents the median of Disney, Time Warner and News Corp.",
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