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  "docSlug": "eb305b39ce19",
  "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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      "kind": "callout",
      "text": "Based on the current cost structure for the Display business, even assuming 100% incremental margins, AOL's Display business would have to grow by over 95% just to break even.",
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      "kind": "chart",
      "text": "Display Revenue and Estimated EBITDA Losses",
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      "text": "Based on the current cost structure for the Display business, even assuming 100% incremental margins, AOL's Display business would have to grow by over 95% just to break even. In 2011, the Display business grew only 4% organically, and over the last two years, has declined by 13% organically.",
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      "text": "EBITDA losses: $545 million",
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      "kind": "paragraph",
      "text": "Despite the well-recognized brands and attractive scale of AOL's Display assets, we estimate that these businesses are collectively losing more than $500 million per year. Further, excluding Patch and the acquisition of The Huffington Post, we estimate that organic Display revenue declined by 13% from 2009 to 2011.",
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      "kind": "quote",
      "text": "\"... any healthy content business, media business would have margins attached to it that are attractive.\" – CEO Tim Armstrong 1Q11 conference call, 5/4/11",
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      "kind": "quote",
      "text": "“... any healthy content business, media business would have margins attached to it that are attractive.” — CEO Tim Armstrong 1Q11 conference call, 5/4/11",
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      "kind": "source-note",
      "text": "(1) Display revenue figures from Company filings... (2) For Patch... (3) Analysis assumes 100% incremental margins.",
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      "kind": "title",
      "text": "However, we do not believe AOL is operating these assets efficiently",
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