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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "The need for change is urgent.",
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      "text": "impact on share price: $20bn",
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      "text": "The repurchase of shares should lead to an increase in the growth of FCF per share which should, over time, have a positive impact on the valuation multiples for the SeparateCos. Over the long-term, this should create additional value for shareholders.",
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      "text": "TWX owns what is arguably the premier collection of media assets spanning the traditional and new media sectors. Unfortunately, the Board's strategy has resulted in a short-term approach...",
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      "text": "The impact of the proposed repurchase on the implied value per TWX share will be influenced by assumed repurchase price of the stock. The table below shows the impact of repurchase prices ranging from $18.00 - $20.00 per share.",
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      "text": "(a) Reflects an $18 billion dutch tender plus $1.960 billion of share repurchases... (b) Reflects only the impact of the $11 billion dutch tender...",
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      "text": "VII. CONCLUSION",
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