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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes chapter header 'CHAPTER 4: VALUATION' and page number '295'.",
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      "text": "Based on these assumptions, the DCF valuation is assumed to be $14.7 - $16.9 billion.",
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      "text": "Enterprise Value: $16.9 billion",
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      "text": "Based on the analysis in Exhibits 4.58 and 4.59, a WACC of 7.5% - 9.0% has been used for the DCF valuation of Filmed Entertainment.",
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      "text": "The analysis to calculate the terminal value for the Filmed Entertainment assumed a terminal multiple of 11.0x - 12.0x trailing pro forma OIBDA and a perpetuity growth rate of 3.7% - 5.4%.",
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      "text": "(a) Forward OIBDA estimated by assuming a 2011 revenue growth rate of 3.7% and a PF OIBDA (post-corporate) margin of 11.9%.",
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      "text": "Sensitivity tables for PV of Terminal Value, Total Enterprise Value, Implied Perpetual Growth Rate, and Enterprise Value to 2006PF OIBDA",
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      "text": "Exhibit 4.60: FILMED ENTERTAINMENT – DISCOUNTED CASH FLOW ($ MM)",
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