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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes two exhibits: 4.42 (Networks peer group) and 4.43 (Turner Networks valuation range).",
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      "text": "Turner Networks are valued at 12.0x - 13.0x 2006PF OIBDA, in line with the trading levels of Viacom and Discovery (valuation is unfavorably impacted by the structure of the company) and a premium to the trading valuations of E.W. Scripps (which includes TV and newspaper assets). In comparison, TWX trades at a multiple of 8.3x 2006E OIBDA.",
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      "text": "Turner Networks are valued at 12.0x - 13.0x 2006PF OIBDA, in line with the trading levels of Viacom and Discovery... and a premium to the trading valuations of E.W. Scripps.",
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      "text": "(a) Value includes the Atlanta Braves... (b) Includes corporate expenses of $16.6 million allocated to Turner Networks based on share of revenue.",
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      "text": "Exhibit 4.43: COMPARABLE COMPANY ANALYSIS – TURNER NETWORKS ($ MM)",
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      "text": "CHAPTER 4: VALUATION",
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