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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Efficiency is defined as revenue divided by primetime households delivered.",
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      "text": "Demographically-targeted networks tend to have higher advertising efficiency compared to general entertainment networks (like Turner).",
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      "text": "(a) Efficiency is measured by revenue divided by primetime “households delivered”, which is a measure of households watching a particular channel.",
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      "text": "Demographically-targeted networks tend to have higher advertising efficiency compared to general entertainment networks (like Turner). Consequently, the cable networks of Viacom, Hearst and E.W. Scripps, which tend to focus on specific demographics or niche programming, are estimated to have relatively higher advertising efficiency.",
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      "text": "Information Source: Wall Street research, Kagan Research and Company filings.",
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      "text": "Exhibit 2B.25: 2004 ADVERTISING REVENUE EFFICIENCY(a)",
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