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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": "Part of a Lazard report on corporate restructuring/breakup.",
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      "text": "The logic for the creation of four independent companies is based on the business strategy, operating capabilities, degree of collaboration with the other business units, financial performance and strength.",
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      "text": "AOL: AOL aspires to compete with high growth, fast moving companies like Yahoo, Google, MSN, IAC and eBay... Content: Networks and Filmed Entertainment are naturally aligned operating units... Publishing: Publishing is a more mature business than any of the other divisions of TWX...",
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      "text": "(1) Is there a compelling business logic or strategy that dictates that certain assets or divisions should remain together in one SeparateCo? (2) How attractive might certain SeparateCos be to equity investors and how would a division be valued on a stand-alone basis compared to its value in combination with another division?",
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      "text": "The analysis also examined the logic for selecting which assets or divisions should be included in each SeparateCo. The following issues were considered:",
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      "text": "The logic for the creation of four independent companies is based on the business strategy, operating capabilities, degree of collaboration with the other business units, financial performance and strength... See Chapter 4 “Valuation” for a more thorough discussion on each SeparateCo.",
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      "text": "IV. THE OPTIMAL GROUPING OF ASSETS",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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