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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": "This is a page from an activist investor deck (Lazard) targeting Time Warner (TWX).",
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      "text": "TWX is a collection of autonomous divisions that have been unable to generate any meaningful synergies.",
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      "text": "corporate overhead: $450 million",
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      "text": "TWX is a collection of autonomous divisions that have been unable to generate any meaningful synergies... TWX corporate overhead is projected to be approximately $450 million in 2005E, an increase of 47% since Mr. Parsons became CEO in May 2002.",
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      "text": "value of approximately $3.1 billion and an enterprise value of over $5.0 billion. WMG now trades at approximately 10.3x 2006E OIBDA... In less than two years, TWX shareholders lost approximately $2 billion.",
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      "text": "The pattern of missed opportunities, under-investment and weak execution is rampant across all TWX divisions... A successful conglomerate requires a strong and clear-sighted visionary leader as exemplified by Warren Buffet at Berkshire Hathaway or Jack Welch at GE.",
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      "text": "\"We were like middle-aged people. We needed to slim down....This is long overdue at Time Inc....\" — Ann Moore, Publishing's Chairman and CEO. \"We are big, and we need big bets. I think that as we have become more layered, the culture here has become more risk averse.\" — Ann Moore. \"No company can deliver on its commitments or adapt well to change unless its leaders practice the discipline of execution at all levels. Execution has to be a part of a company's strategy and its goals. It is the missing link between aspirations and results. As such, it is a major - indeed, the major - job of a business leader. If you don't know how to execute, the whole of your effort as a leader will always be less than the sum of its parts.\" — Larry Bossidy (former Chairman & CEO of Honeywell).",
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      "text": "(a) Jason Bazinet, Citigroup, December 9, 2005. (b) WMG, sold for $2.595 billion... (c) Stephanie D. Smith, Time Inc.'s Moore Streamlines... (d) David Carr, At Time Inc... (e) Larry Bossidy, Execution: The Discipline of Getting Things Done...",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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      "text": "(4) Bloated Cost Structure",
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