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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "The slide uses historical performance data to critique a past divestiture decision by TWX.",
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      "text": "If TWX had continued to own a 50% stake in Comedy Central, it would have benefited from the increase in the intrinsic value of Comedy Central.",
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      "text": "(a) Jessica Reif Cohen, Merrill Lynch, April 22, 2003. (b) Kagan Research. (c) Richard Bilotti, Morgan Stanley, November 2, 2005. (d) Raymond Snoddy, AOL Sells Channel to Viacom for $1.23bn, The Times, April 23, 2003. (e) Represents network performance domestically.",
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      "text": "In 2003, after months of discussions, TWX sold its 50% interest in Comedy Central... If TWX had continued to own a 50% stake in Comedy Central, it would have benefited from the increase in the intrinsic value of Comedy Central.",
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      "text": "For TWX, we believe this was a tough asset from which to part, given their already strong foothold in cable networks and Comedy Central's attractive demographic reach. — Merrill Lynch, April 22, 2003. The Comedy Central deal symbolize[d] the different strategies – and prospects – of Viacom and AOL Time Warner. — Raymond Snoddy, The Times, April 23, 2003.",
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      "text": "Information Source: Wall Street research, Kagan Research and Company filings.",
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      "kind": "title",
      "text": "Exhibit 2B.27: COMEDY CENTRAL",
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