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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Part of a Lazard activist deck; uses a valuation multiple comparison to justify a breakup strategy.",
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      "text": "TWX on a consolidated basis trades at a discount to the free cash flow multiples of other diversified media companies despite the fact that TWC contributes limited free cash flow to TWX.",
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      "kind": "list",
      "text": "Portfolio of businesses with disparate fundamentals / growth characteristics; Complicated investment thesis; Limited focus on growth; Limited ability of one division to impact results; Bloated infrastructure; Under-levered capital structure.",
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      "kind": "list",
      "text": "(1) Enhanced Strategic Focus; (2) Develop Natural Shareholder Base and Highlight Value of Each Business.",
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      "text": "2006E Free Cash Flow multiple: 15.6x",
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      "text": "TWX on a consolidated basis trades at a discount to the free cash flow multiples of other diversified media companies despite the fact that TWC contributes limited free cash flow to TWX. TWX (excluding TWC), therefore, trades at an even more significant discount to the peer group.",
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      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports, Company filings and public sources. Note: Share price data as of January 27, 2006.",
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      "text": "Exhibit 5.6: FREE CASH FLOW COMPARISON",
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      "kind": "title",
      "text": "III. SEPARATION OF THE BUSINESSES SHOULD ENHANCE STRATEGIC POSITION AND VALUE",
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