{
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  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 16,
  "pageCount": 96,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses CEO quotes to frame management as stubborn or disconnected from reality.",
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      "kind": "callout",
      "text": "Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy.",
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      "kind": "paragraph",
      "text": "Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy.",
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      "kind": "quote",
      "text": "AOL has a clear strategy and operational plan...and we will continue to aggressively execute on our strategy....",
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      "kind": "quote",
      "text": "The business is going to be big in the future. We're going to make whatever change we have to make. The investors either stick with us or don't through that period. But we're invested in it.",
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      },
      "kind": "quote",
      "text": "... you can't say we don't have a clear strategy, you may not like the strategy, but we have a clear strategy and we're going to continue to execute against it.",
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      "kind": "quote",
      "text": "\"The business is going to be big in the future. We're going to make whatever change we have to make. The investors either stick with us or don't through that period. But we're invested in it.\" — CEO Tim Armstrong, Goldman Sachs conference, 9/20/11; \"... you can't say we don't have a clear strategy, you may not like the strategy, but we have a clear strategy and we're going to continue to execute against it.\" — CEO Tim Armstrong, UBS conference, 12/5/11; \"AOL has a clear strategy and operational plan...and we will continue to aggressively execute on our strategy....\" — AOL press release in response to Starboard's initial letter, 12/21/11",
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      "kind": "table",
      "text": "AOL's Status Quo Plan: Use cash from Access/Search to fund Display losses; Pursue high cost free premium content; Invest in Patch despite lack of viability.",
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      "kind": "title",
      "text": "Yet, AOL appears solely focused on its status quo strategy",
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  "loops": [
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      "from": 7,
      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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