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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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      "text": "If TWX had continued to own a 50% stake in Comedy Central, it would have benefited from the increase in the intrinsic value of Comedy Central. Its ratings and revenues have increased by more than 30% since 2003 and its cash flow margins have increased from approximately 25% to 35%.",
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      "text": "Warner Music Group (“WMG”): In 2002 - 2003, TWX was faced with a dilemma in connection with WMG. Industry-wide recorded music sales were declining due to piracy, pricing pressure, digital downloading, and competition from other forms of media.",
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      "text": "MGM: TWX, on several occasions, missed the opportunity to acquire MGM. In 2002, TWX and MGM had discussions. In 2003, TWX and MGM had discussions. In 2004, TWX and MGM had discussions.",
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      "kind": "paragraph",
      "text": "Company that TWX could have sold, but Comedy Central was an unconsolidated asset and easy to monetize given Viacom’s strong interest.",
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      "text": "\"The Comedy Central deal symbolize[d] the different strategies – and prospects – of Viacom and AOL Time Warner.\" — Raymond Snoddy, The Times, April 23, 2003. \"...TWX's last-minute effort raises some awkward questions about the earlier comments of Mr. Parsons about withdrawing from the deal. If buying MGM was too expensive, as he had said, how would he justify making an even higher offer later?\" — Andrew Ross Sorkin, The New York Times, October 31, 2004. \"the basic idea of a deal remains\" — Mr. Parsons, Agence France-Presse, December 8, 2005.",
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      "text": "(a) Various Wall Street research reports. (b) Richard Bilotti, Morgan Stanley, November 2, 2005. (c) Raymond Snoddy, AOL Sells Channel to Viacom for $1.23bn, The Times, April 23, 2003. (d) MGM proxy, October 29, 2004.",
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      "kind": "title",
      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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