{
  "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": 295,
  "pageCount": 371,
  "prevPage": 294,
  "nextPage": 296,
  "slideType": "valuation_table",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes footnotes regarding NOLs and pro forma corporate expense adjustments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/295",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-295",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "This analysis yielded an implied enterprise value range for AOL of $17.5 - $21.0 billion.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b6-ca548cc6b5de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.26,
        "x": 0.325,
        "y": 0.325
      },
      "kind": "chart",
      "text": "Valuation range chart showing min/max values for different methodologies",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81829133-26df-4af8-8ae7-2a59e046f5e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: $17.5 - $21.0 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b6-cd6a8d26edc3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.766,
        "x": 0.117,
        "y": 0.145
      },
      "kind": "paragraph",
      "text": "This analysis yielded an implied enterprise value range for AOL of $17.5 - $21.0 billion. Over the longer term, valuation will be driven by how well management demonstrates its ability to adapt and respond to the changing competitive landscape.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed0d8474-d2c4-4b3d-ad24-b6a56bfa86fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.766,
        "x": 0.117,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(a) Excludes potential benefits from NOLs... (b) Valuation ranges adjusted to reflect pro forma impact...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48cb9761-6a4e-45c6-bfc1-839dd8474cdb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.766,
        "x": 0.117,
        "y": 0.225
      },
      "kind": "table",
      "text": "Exhibit 4.27: SUMMARY OF VALUATION ANALYSIS ($ MM)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "835a3672-49f0-49be-8bb0-a6e707d3498f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.31,
        "x": 0.117,
        "y": 0.112
      },
      "kind": "title",
      "text": "A. Summary of Valuation Analyses",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14ba53fd-c2bc-4a34-8a6d-a83933e2b956",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "3a35b3a1-f31f-48cf-88f9-7383688fcacf",
      "evidence": "Summary of valuation methodologies (DCF, Precedent, Comparable Company) to arrive at a reference range.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}