iTunes 11: 'The device cannot be found' when attempting to restore an Apple TV
Products Affected
Apple TV (2nd generation), Apple TV (3rd generation), iTunes 11
Symptoms
In rare instances it may be necessary to restore your Apple TV (2nd or 3rd generation) using iTunes. If you attempt to do this using iTunes 11.0, you will see the following error:

Resolution
To resolve this issue, update to iTunes 11.0.1 or later.
This document will be updated as more information becomes available.
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