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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "notes": "Page 314 from a Lazard document, Chapter 4: Valuation.",
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      "text": "valuation: $42,072",
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      "text": "Unconsolidated assets include TWC's 50% interest in the Texas and Kansas City Cable Partners joint venture with Comcast, which is valued at an estimated $2.1 billion, based on an enterprise value of approximately $3,400 per basic subscriber.",
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      "text": "The broadband asset value for TWC of $41.2 - $46.4 billion (excluding unconsolidated assets) was compared to the cable asset values estimated by various Wall Street research analysts who cover TWX.",
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      "text": "(a) Implied multiple based on Banc of America's Comcast per subscriber multiple. (b) Adjusted to account for consolidated subscribers only.",
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      "text": "Information Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 4.86: WALL STREET VALUATION ESTIMATES ($ MM)",
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      "text": "E. Unconsolidated Assets",
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      "text": "F. Summary of Wall Street Research Valuations",
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