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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Page 285 from a Lazard valuation report; contains detailed financial assumptions and sensitivity matrices.",
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      "text": "(a) Barra Beta as of December 2005. (b) Unlevered Beta = Levered Beta / [1 + (1 - Tax Rate)(Debt / Equity)]. (c) Net Debt includes interest bearing short term and long term debt less cash and cash equivalents.",
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      "text": "WACC: 9.4%",
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      "text": "The DCF analysis included a review of the cost of capital of a number of companies in businesses similar to that of Networks including the other cable network companies (Discovery Holdings and E.W. Scripps) and the diversified media conglomerates (Disney, News Corp. and Viacom).",
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      "text": "Exhibit 4.47: DIVERSIFIED MEDIA COMPARABLE COMPANIES WACC",
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