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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
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  "pageNumber": 351,
  "pageCount": 371,
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  "density": "balanced",
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  "notes": "This is a text-heavy slide from a Lazard activist deck, likely part of a larger report on Time Warner (TWX).",
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      "kind": "callout",
      "text": "Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating.",
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      "text": "debt capacity: $20.0 billion",
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      "kind": "paragraph",
      "text": "TWX has returned significantly less capital to its shareholders than its peers over the past five years. Having last repurchased shares in 2003, TWX finally announced a repurchase program in July 2005, but for only $5.0 billion.",
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      "kind": "source-note",
      "text": "(a) All figures are pro forma for the Adelphia/Comcast transactions... (b) Free Cash Flow is defined as OIBDA less cash taxes... (c) Free Cash Flow is pro forma... (d) $20.0 billion plan assumes a dutch auction... (e) The analysis assumes...",
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      "kind": "title",
      "text": "II. WHAT IS THE REAL DEBT CAPACITY AND SHARE REPURCHASE CAPACITY OF TWX?",
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