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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes two bar charts comparing absolute EBITDA and EBITDA margins for a set of networks.",
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      "text": "TCM's and Cartoon Network's 2005E EBITDA margins are estimated to be towards the high end of the profitability of other cable networks. TNT's and CNN's estimated 2005E margins of approximately 39% and 35% respectively, fall in the mid-to low end of the range.",
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      "text": "Exhibit 2B.20: 2005E EBITDA MARGIN OF SELECTED NETWORKS",
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      "text": "Exhibit 2B.19: 2005E EBITDA OF SELECTED NETWORKS ($ MM)",
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      "text": "EBITDA margin: 39%",
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      "text": "The Turner networks have generated average profitability growth from 2002 - 2004 versus selected other channels. Court TV (a 50% owned channel of TWX) and Comedy Central, a channel sold by TWX to Viacom in 2003, have grown at faster rates than the Turner Networks.",
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      "text": "TCM's and Cartoon Network's 2005E EBITDA margins are estimated to be towards the high end of the profitability of other cable networks. TNT's and CNN's estimated 2005E margins of approximately 39% and 35% respectively, fall in the mid-to low end of the range. The EBITDA margin of TBS is towards the low end of the range of peer margins at approximately 31%.",
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      "text": "TNT has one of the highest estimated 2005E EBITDA. CNN, CNBC and FOX News have comparable levels of EBITDA despite CNN's earlier launch date in 1980.",
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      "text": "CHAPTER 2B: CONTENT",
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