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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 functions as a case study analysis of a failed corporate strategy, highlighting the gap between the merger's stated goals and the actual market outcome.",
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      "kind": "callout",
      "text": "Incredibly, after incurring the expense of opening its network to rival broadband access providers, TWX failed to launch a bundled AOL/TWX service offering.",
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      "kind": "paragraph",
      "text": "A key strategic rationale articulated for the AOL Time Warner merger was the potential to use TWC's broadband infrastructure to migrate AOL's dial-up customer base to broadband and to drive incremental subscriber growth.",
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      "text": "“Time Warner’s advanced broadband delivery systems are expected to provide an important distribution platform for America Online’s interactive services, which is expected to result in incremental subscriber growth.” — Company filings. “AOL is positioned and likely to become the leading provider of broadband Internet access.” — FTC Docket No. C-3989 (2000). “increase AOL/TWX’s ability to exercise unilateral market power.” — FTC Docket No. C-3989 (2000). “partnerships with other high-speed providers like DSL were made more difficult because people assumed AOL was in the cable camp. So instead of accelerating AOL’s broadband push, [the Merger] slowed it.” — Steve Case, It’s Time to Take it Apart, Washington Post, December 11, 2005.",
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      "text": "(a) Company filings. (b) FTC Docket No. C-3989 (2000). (c) Steve Case, It's Time to Take it Apart, Washington Post, December 11, 2005.",
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      "kind": "title",
      "text": "Exhibit 2A.10: AOL'S BROADBAND EFFORTS",
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