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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "TWX needs to take immediate action – to adopt a sense of urgency – to address and solve the problems that have undermined stock price performance.",
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      "text": "Implied TWX Share Price: $23.30 - $26.57",
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      "text": "The creation of four independent, focused companies combined with a meaningful reduction in corporate overhead and SG&A expense and a share repurchase via dutch auction, should provide substantial corporate benefits to TWX and each of its business units.",
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      "text": "Lazard recommends the separation of TWX into four independent companies: (1) AOL, (2) Content (Networks + Filmed Entertainment), (3) Publishing, and (4) TWC.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and Company filings. See pages 340 and 341 for full valuation and footnote disclosure.",
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