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      "text": "Leading cable networks in terms of rating and subscribers; Attractive mix of general entertainment cable networks; Leading pay television network with distinct original programming",
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      "text": "The valuation analysis has been approached from the perspective of how the common stock of Networks would trade, on a fully distributed basis, assuming Networks were an independent, public company.",
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      "text": "(a) The divisions of TWX already incur most of the costs related to a standalone company...",
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      "text": "Exhibit 4.38: VALUATION METHODOLOGIES",
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