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  "documentTitle": "Time Warner Inc. (TWX)",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Contains two exhibits: subscriber count bar chart and a valuation table for the Bertelsmann put option.",
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      "text": "By committing to purchase the Bertelsmann stake two years in the future at such a high value relative to the then-current economic performance of the business, AOL left itself exposed to both any potential shortfall in operating performance relative to such high expectations, as well as market volatility.",
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      "text": "Exhibit 2A.5: AOL EUROPE SUBSCRIBERS (MM)",
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      "text": "AOL Europe subscribers: 6.1 million",
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      "text": "AOL still faces significant challenges in Europe. Many competitors have successfully implemented facilities-based strategies that provide for much better profitability than AOL achieves. Incumbents and facilities-based providers are also increasingly offering consumers a bundled service that includes multiple products such as high-speed data, voice and IP video services, leaving AOL at a distinct disadvantage.",
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      "text": "It turned out to be a particularly unfortunate time to be taking such gambles. AOL’s own stock had already fallen in the preceding three months by over 30%. The announcement occurred one week after the NASDAQ",
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      "text": "By committing to purchase the Bertelsmann stake two years in the future at such a high value relative to the then-current economic performance of the business, AOL left itself exposed to both any potential shortfall in operating performance relative to such high expectations, as well as market volatility.",
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      "text": "offering broadband services. AOL Europe subscribers have declined to 6.1 million as of September 30, 2005, down from 6.3 million as of September 30, 2004. The Company has indicated that broadband subscribers in Europe are increasing as a percentage of total subscribers.",
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      "text": "(a) Company filings. (b) Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 2A.6: AOL EUROPE – THE BERTELSMANN PUT ($ MM)",
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      "text": "CHAPTER 2A: AOL",
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