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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes two exhibits: a valuation range chart and a peer comparison table.",
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      "text": "Exhibit 4.36: SUMMARY OF VALUATION ANALYSIS ($ MM)",
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      "text": "Enterprise Value: $60.0 billion",
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      "kind": "paragraph",
      "text": "Content is composed of Networks and Filmed Entertainment, which have been evaluated separately on the following pages. This analysis yielded an implied enterprise value reference range of $54.5 - $60.0 billion for the consolidated assets of Content.",
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      "text": "(a) For Content, includes the value of TWX's 50% stake ($827 million) in Court TV, 50% stake ($500 million) in the CW network and 10% stake ($29 million) in Atlanta Spirit. Assumes leverage of 3.75x 2005PF OIBDA.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and company filings.",
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      "text": "Exhibit 4.37: CONTENT VERSUS PEERS ($ MM)",
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