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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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      "text": "The enterprise value of TWC is estimated to be $43.3 - $48.5 billion (which incorporates the value of cable systems that are 100% owned by TWC and the value of TWC's unconsolidated assets) based on the implied multiples derived from this analysis.",
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      "text": "Broadband Asset Value: $43.3 - $48.5 billion",
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      "text": "The enterprise value of TWC is estimated to be $43.3 - $48.5 billion... TWC's Broadband Asset Value (\"BAV\"), which excludes non-cable and unconsolidated assets, is estimated to be in the range of $41.2 - $46.4 billion...",
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      "text": "The unconsolidated assets of TWC were separately valued and are estimated to have an aggregate value of approximately $2.1 billion.",
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      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports and company filings.",
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      "kind": "source-note",
      "text": "(a) Assumes 12.8 million pro forma owned subscribers. (b) Represents high and low values from Wall Street analyst estimates of BAV.",
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      "text": "Exhibit 4.76: SUMMARY OF VALUATION ANALYSIS - BAV ($ MM)",
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      "text": "A. Summary of Valuation Analyses",
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