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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes mean and median calculations for transaction multiples.",
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      "text": "Based on a review of the transactions listed in Exhibit 4.49, the unique strategic franchises and the competitive position of Networks, private market valuation is estimated at 16x - 18x 2005PF OIBDA, implying an enterprise value of $47.6 - $53.6 billion.",
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      "text": "Comparable transactions involving a change of control of cable programming assets from 1997 - 2005 were reviewed. Based on a review of the transactions listed in Exhibit 4.49, the unique strategic franchises and the competitive position of Networks, private market valuation is estimated at 16x - 18x 2005PF OIBDA, implying an enterprise value of $47.6 - $53.6 billion.",
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      "text": "Exhibit 4.49: PRECEDENT TRANSACTIONS ($ MM, EXCEPT PER SUBSCRIBER FIGURES)",
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      "text": "D. Precedent Transaction Analysis",
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