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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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  "notes": "Uses CNET as a benchmark for display business profitability.",
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      "text": "On any metric, it appears AOL's Display business is substantially underperforming.",
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      "text": "Given that the majority of CNET's revenue was derived from display ads, we believe that it serves as a relevant point of comparison to AOL's Display business, even though it was acquired in 2008.",
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      "text": "CNET, prior to its acquisition by CBS Corporation in 2008, provided online information, product reviews, and advice for consumers interested in technology and consumer electronics.",
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      "text": "EBITDA margin: -95%",
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      "text": "(1) Approximately 81% of consolidated revenues... (2) Company filings and Capital IQ (3) Segment revenue figures...",
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      "text": "Smaller sized premium content sites are also highly profitable",
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