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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "This analysis yielded an implied enterprise value for Networks of $39.5 - $43.5 billion implying 12.2x - 13.4x 2006PF OIBDA (excluding unconsolidated assets).",
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      "text": "Exhibit 4.39: SUMMARY OF VALUATION ANALYSIS ($ MM)",
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      "text": "(a) Represents low and high values from Wall Street analysts' estimates. Valuation assumes a capitalized corporate adjustment of 12.2x - 13.4x 2006PF corporate expense of $27 million, implying a total capitalized corporate expense adjustment of $330 - $363 million.",
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