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  "documentTitle": "Time Warner Inc. (TWX)",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "The implied value per TWX share represents a 35% - 54% premium to the current TWX stock price - implying aggregate incremental value of approximately $30 - $45 billion.",
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      "text": "Note: Share price data as of January 27, 2006. Analysis does not include the impact of one-time costs required to effect the separation into four companies. (a)-(g) footnotes.",
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      "text": "Implied Share Price: $23.30 - $26.57",
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      "text": "Separation should enhance strategic focus, create acquisition currencies/platforms and align equity incentives for management.",
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      "text": "The SOTP analysis, incorporating the assumed cost reductions, loss of value from the slower utilization of the NOLs and impact of the repurchase of TWX shares via a dutch auction tender offer, is shown in Exhibit 16 and yields an implied equity value for TWX of $23.30 - $26.57 per share.",
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      "text": "Exhibit 5.15: Sum of the Parts Analysis (Includes Value Impact of Repurchases) ($ MM)",
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