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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes footnotes (a) and (b) regarding unconsolidated assets and corporate expenses.",
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      "text": "Networks, based on the separate valuation of Turner Networks and HBO, are valued at approximately $38.9 - $42.1 billion (inclusive of the unconsolidated assets, Networks is valued at $40.2 - $43.5 billion), based on the results of this analysis.",
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      "text": "(a) Enterprise value used to calculate the following multiples excludes the value of the Company's unconsolidated assets. (b) Includes corporate expenses of $27 million.",
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      "text": "Enterprise Value: $43,530",
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      "text": "Networks, based on the separate valuation of Turner Networks and HBO, are valued at approximately $38.9 - $42.1 billion (inclusive of the unconsolidated assets, Networks is valued at $40.2 - $43.5 billion), based on the results of this analysis.",
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      "text": "Comparable company analysis table showing implied enterprise value and valuation multiples (Revenue and PF OIBDA) for 2005E/2006E.",
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      "text": "CHAPTER 4: VALUATION",
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