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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes adjustments for tax benefits and joint venture interests.",
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      "text": "Based on the Comparable Company Analysis, a Broadband Asset Value multiple of 8.0x - 9.0x 2006PF OIBDA appears to be a reasonable range for TWC as a seasoned, fully distributed “must have” cable company.",
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      "text": "Broadband Asset Value: $41.2 - $46.4 billion",
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      "text": "Based on the Comparable Company Analysis, a Broadband Asset Value multiple of 8.0x - 9.0x 2006PF OIBDA appears to be a reasonable range for TWC as a seasoned, fully distributed “must have” cable company.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and company filings.",
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      "text": "(a) Unconsolidated assets include TWC's investment in Texas and Kansas City Cable Partners joint venture (50%). (b) OIBDA compounded annual growth rate from 2006 - 2009. (c) Excludes unconsolidated systems.",
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      "text": "CHAPTER 4: VALUATION",
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