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Time Warner's News Isn't All That Good

By Steve Birenberg

 About this article:
 With a new management team, a fresh earnings report, a new strategic direction, and likely changes to the corporate asset base, Time Warner is once again in the news. As a result, I thought I'd provide a closer look at the company. My opinion is that the shares are modestly undervalued but lacking a catalyst to close the gap. Furthermore, I find the shares of peer companies Disney and News Corp. more attractive. For the same price, at DIS and NWS you get better assets, stronger and proven management, and much better operating momentum. TWX is undervalued, and there is no reason that the new management team couldn't create a stronger asset base and improved operating momentum. In particular, the new focus on creative content and strict cost controls is a big step in the right direction -- the same direction that has worked so well for...

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