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      "text": "Networks consists principally of domestic and international basic cable networks, pay television programming services and a broadcast television network.",
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      "text": "Pay television programming includes the multi-channel HBO and Cinemax programming services operated by Home Box Office, Inc. (“HBO”). As of September 30, 2005, HBO and Cinemax had approximately 28 million and 12 million subscribers, respectively. HBO has more than twice as many subscribers as any other pay cable network.",
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      "text": "The WB Network (the “WB”) is currently operated as a limited partnership between, WB Communications, a wholly owned subsidiary of TWX, and the Tribune Company, one of the largest owners of major WB affiliated stations. WB Communications acts as the network’s managing general partner and owns a 77.75% interest and Tribune owns the remaining 22.25%. On January 24, 2006, TWX and CBS announced the merger of the WB and UPN networks into a new network called The CW. Both TWX and CBS will each own 50% of the new network. The WB and UPN will cease operations in September 2006 when The CW will commence broadcasting. The analysis assumes that TWX will account for this investment as an unconsolidated asset. The Tribune Company, which owned 22.25% of the WB, exchanged its interest in the WB for a 10-year deal to carry The CW on its major market affiliates.",
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      "text": "The basic cable networks (collectively, the “Turner Networks”) are held within Turner Broadcasting System, Inc. (“Turner”), and include domestic networks, international networks and also various Internet properties related to the network brands. Turner also has a 100% ownership of the Atlanta Braves, a Major League Baseball (“MLB”) team, a 10% investment in Atlanta Spirit, which owns the Atlanta Hawks National Basketball Association (NBA) team and the Atlanta Thrashers National Hockey League (NHL) team, and a 50% interest in Court TV. Liberty Media owns the remaining 50% of Court TV.",
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      "text": "(a) Wall Street research, Kagan Research and company filings.",
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