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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "Publishing as a stand-alone company, given its premier franchise and leading position, is assumed to trade, on a fully distributed basis, at a 9.5x - 11.0x 2006E OIBDA multiple as illustrated in Exhibit 4.68.",
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      "text": "A discounted cash flow analysis was performed on Publishing based on various Wall Street research long-term forecasts. The analysis also reviewed the weighted average cost of capital (“WACC”) of a number of companies in businesses similar to Publishing including the magazine publishing companies and book publishing companies that were included in the comparable company universe. The magazine publishing companies have a WACC ranging from 8.3% - 9.6% and the book publishing companies have a WACC ranging from 6.2% - 7.2%. The following analysis, which assumes a cost of debt of 5.0% - 7.0% generates a WACC of 7.5% - 9.5% for Publishing:",
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      "text": "Publishing as a stand-alone company, given its premier franchise and leading position, is assumed to trade, on a fully distributed basis, at a 9.5x - 11.0x 2006E OIBDA multiple as illustrated in Exhibit 4.68.",
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      "text": "(a) Excludes $150 million of other assets. (b) Assumes 4.0x 2005PF debt/OIBDA leverage. Includes $110 million of other assets, net of other liabilities. (c) Total corporate expense of $16.3 million in 2005 and 2006 is allocated to Publishing based on share of revenue. (d) Before payment of dividends.",
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      "text": "Comparable company analysis table showing Implied Enterprise Value, Implied Equity Value, and various valuation multiples (OIBDA, EPS, FCFPS) compared to magazine and book publishing peers.",
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      "text": "C. Discounted Cash Flow Analysis",
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      "text": "CHAPTER 4: VALUATION",
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