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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes footnotes (a) and (b) regarding OIBDA allocation and data sources.",
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      "text": "Competitors such as Starz! compare unfavorably to HBO due to their lack of compelling original programming, smaller and less established subscriber base and weak pricing power.",
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      "text": "PF OIBDA: 13.0x",
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      "text": "HBO Networks: HBO has no directly comparable publicly traded companies. Although, HBO competes with other cable networks for its audience, it is not dependent on the vagaries of the advertising market due to its subscription model...",
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      "text": "Valuation multiples table showing Implied Enterprise Value, Revenue multiples, PF OIBDA multiples, and Subscriber value.",
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      "text": "Exhibit 4.44: COMPARABLE COMPANY ANALYSIS – HOME BOX OFFICE",
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