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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "(a) Barra Beta as of December 2005. (b) Unlevered Beta = Levered Beta / [1 + (1 - Tax Rate)(Debt / Equity)]. ...",
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      "text": "WACC: 13.9%",
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      "text": "Free cash flows are expected to grow modestly as the advertising segment ramps up and the access segment declines...",
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      "text": "Information Source: Company filings and public sources.",
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      "text": "Exhibit 4.31: AOL COMPARABLE COMPANIES WACC ($ MM)",
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