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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Includes footnotes (a), (b), (c) and source attribution.",
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      "text": "(a) Boxofficemojo.com. (b) Total transaction value of $1.62 billion is reduced by $925 million for the assumed sale of DreamWorks library of 59 titles. (c) Analyst reports estimate approximately $715 million of library cash flow at closing which implies a multiple of 6.9x. Library cash flow is defined as cash flow from all feature film and television episodes released prior to 2005. Excludes all production related cash flows.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and company filings.",
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      "text": "Transaction Value / CY EBITDA: 12.3x",
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      "text": "Several transactions were reviewed (although not directly comparable to Filmed Entertainment), including the September 2004 acquisition of MGM, which was led by a private equity consortium with a minority participation and distribution arrangement with Sony. Analysts estimate that the $4.9 billion purchase price for MGM represented 12.3x EBITDA (includes Library + new film production). The new operating agreement between MGM and its equity partners is designed to maximize MGM's library cash flow and de-emphasize new film production. This is a continuation of the trend witnessed over the last several years wherein MGM has produced few major films (in 2004, its domestic box shares was only 2.1%(a)) and has almost exclusively focused on generating cash flow from its library. The acquisition and participation by Sony is designed as a source of \"flow\" rather than a typical production oriented company. Excluding the impact of the new film productions, the transaction appears to imply a multiple of 6.9x the LTM library cash flow.",
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      "text": "There have been a limited number of transactions in the filmed entertainment sector over the last three years (and none that could be reasonably compared to Filmed Entertainment overall). As a result, we have relied primarily on the Comparable Company Analysis and the DCF Analysis for the valuation of Filmed Entertainment.",
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      "text": "Exhibit 4.61: FILMED ENT. – PRECEDENT TRANSACTION ANALYSIS ($ MM)",
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      "text": "D. Precedent Transaction Analysis",
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