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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes a table comparing AOL's valuation multiples (Revenue, OIBDA, P/E) against IAC, Media, Google, and Yahoo.",
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      "text": "A multiple range of 8.0x - 10.0x 2006PF OIBDA implies a fully distributed enterprise value range of $15.9 - $19.9 billion.",
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      "text": "AOL is also likely to be valued on a “sum of the parts” basis in which the relative contribution from the Subscription and Advertising segments will be each valued based on comparable multiples for those respective pieces.",
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      "text": "Exhibit 4.28: COMPARABLE COMPANY ANALYSIS – CONSOLIDATED BASIS ($ MM)",
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