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  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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      "text": "Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business.",
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      "text": "Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business. Further, we believe the business is currently losing over $500 million per year and generated cumulative losses of approximately $1.3 billion from 2009-2011. AOL has tried to build and buy Display revenue to offset declines in Access and Search. The result has been a significant negative impact on cash flow.",
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      "text": "EBITDA: $1.3B",
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      "text": "While AOL's goal has been to offset the decline in Access and Search by investing in Display, the reality has been far different.",
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      "kind": "source-note",
      "text": "(1) Not to scale and for illustrative purposes only. (2) Acquisitions of $668 million... (3) Display revenue figures from Company filings...",
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      "text": "2009-2011: Display total acquisitions and investments = $903M; Display cumulative losses = $1.3B; Display revenue decline = (4%)",
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      "text": "However, the reality has been that the Display business is not growing and continues to lose a significant amount of money",
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