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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": "Includes a table of Broadband Asset Value (BAV) multiples and a line chart of peer share price performance.",
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      "text": "TWC should, on a fully distributed basis, trade at a premium to Comcast (TWC's most comparable peer given its scale and competitive positioning) due primarily to the higher projected revenue and OIBDA growth at TWC over the next few years.",
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      "kind": "chart",
      "text": "Exhibit 4.78: PEER SHARE PRICE PERFORMANCE SINCE THE TWX/AOL MERGER INDEXED",
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      "text": "Broadband Asset Value: 8.8x",
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      "text": "TWC should, on a fully distributed basis, trade at a premium to Comcast (TWC's most comparable peer given its scale and competitive positioning) due primarily to the higher projected revenue and OIBDA growth at TWC over the next few years. Comcast is the largest operator in the industry, however, certain factors should contribute to a premium multiple for fully separated TWC,",
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      "kind": "paragraph",
      "text": "The table below summarizes trading multiples of publicly traded MSOs, adjusted for non-cable and unconsolidated assets. For purposes of this analysis, Broadband Asset Value (BAV) multiples exclude the value of non-cable assets within the portfolio of the examined companies.",
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      "text": "(a) Excludes unconsolidated and non-cable assets. (b) Pro forma for Adelphia/Comcast transactions. (c) Pro forma for unconsolidated Rainbow DBS operations. (d) Charter BAV reflects debt at market value as of January 27, 2006.",
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      "text": "Exhibit 4.77: BROADBAND ASSET VALUE (BAV) COMPARABLE COMPANY ANALYSIS ($ MM)",
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      "text": "B. Comparable Company Analysis",
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