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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": "(1) The Context 1\n(2) Overview and Analysis of the Divisions of TWX\nA. AOL 12\nB. Content (Networks + Filmed Entertainment) 55\nC. Publishing 105\nD. Time Warner Cable 142\n(3) Financial Strategy and Debt Capacity 177\n(4) Valuation 238\n(5) Summary and Recommendation 315",
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      "text": "Lazard Frères & Co. LLC (“Lazard”) was retained by certain shareholders(a) of Time Warner Inc. (“TWX”, the “Company” or “Parent”) to review the business and operations of the Company and propose various alternatives to maximize the value of all TWX shareholders’ interests.",
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      "text": "Lazard, in analyzing the financial condition, statements and forecasts of TWX, has relied only on publicly available information, including statements and filings by the Company and its affiliates, presentations to shareholders, press articles and research reports published on the Company.",
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      "text": "(a) Lazard was engaged by Icahn Partners LP, Icahn Partners Master Fund LP, American Real Estate Partners, L.P., Carl C. Icahn, Franklin Mutual Advisers, LLC, JANA Partners LLC, JANA Master Fund Ltd., S.A.C. Capital Advisors, LLC, S.A.C. Associates, LLC (the “Icahn Parties”).",
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      "kind": "title",
      "text": "BACKGROUND TO THE LAZARD REPORT",
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