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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": "The slide highlights the disconnect between the WB's national network revenue model and the local advertising market.",
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      "text": "Exhibit 2B.35: WB REVENUE SUMMARY ($ MM)",
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      "text": "The primary source of revenue for the WB is national advertising, which is subject to the cyclical trends of the general ad economy. The consensus research view was that the WB would be an OIBDA negative or breakeven business for an extended period of time.",
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