VALUATION. We value TWX based on the valuation embedded in AT&T's proposed acquisition.
RISKS to Time Warner include those around the closing of the sale to AT&T. At an operating level, risks include the hit-driven nature of television programming, perceptions around the "death" of TV advertising and risks around slow-downs in the pay TV business.
FULL REPORT INCLUDING RISKS AND DISCLOSURES CAN BE FOUND HERE: TWX 11-13-17.pdf
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