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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The table provides a peer benchmark of analyst estimates to support a valuation thesis.",
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      "text": "The reference range of $39.5 - $43.5 billion (12.2x - 13.4x 2006PF OIBDA) is at the high end of the range of Wall Street estimates for Networks.",
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      "text": "OIBDA: $36,367",
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      "text": "The fully distributed public trading value for Networks was compared to the values assumed by various equity research analysts who cover TWX. The reference range of $39.5 - $43.5 billion (12.2x - 13.4x 2006PF OIBDA) is at the high end of the range of Wall Street estimates for Networks.",
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      "text": "Information Source: Information and estimates based on various Wall Street research reports. Note: Values are adjusted to exclude the value of the WB.",
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      "text": "(a) Excludes any corporate allocation and assumes Networks is a division of TWX. (b) Includes the WB as no separate value of the WB was provided.",
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      "text": "Exhibit 4.51: NETWORKS – ANALYST VALUATION SUMMARY ($ MM)",
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      "text": "F. Summary Of Wall Street Research Valuation",
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