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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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  "notes": "This slide continues a numbered list (starting at 3) detailing the rationale for corporate spin-offs.",
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      "text": "The analysis assumes that pro forma corporate expense in 2006 will be $100 million versus $488 million as projected by Wall Street analysts (which includes $36 million of intersegement eliminations) and that SG&A will decline by 5% or $510 million.",
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      "text": "(3) Optimization of Capital Structure for Each Business... (4) Streamline Cost Structures... (5) Create Acquisition Currencies / Platforms... (6) Equity Based Incentives to Attract and Retain Talent... (7) Potential Change of Control Premium",
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      "kind": "paragraph",
      "text": "The trading dynamics of the individual equities should be further enhanced by the significant liquidity offered to investors and by the shareholder-friendly corporate governance features of each company.",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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