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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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      "text": "We believe AOL's Display business is highly unprofitable due to its operating expenses that are estimated to exceed $1.1 billion per year.",
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      "text": "Annual Operating Expenses ($ in millions)",
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      "text": "While the revenue in AOL's Display business is similar to that of the revenue of WebMD and CNET prior to its acquisition by CBS Corporation in 2008, we believe operating expenses in AOL's Display business are a staggering $1.1 billion, approximately 3.0 times higher than both WebMD's and CNET's operating expenses.",
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      "text": "operating expenses: $1.1 billion",
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      "text": "Instead, management is choosing to operate with excessive costs and only hoping that significant revenue growth will offset losses.",
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      "text": "(1) Company filings and Capital IQ. (2) AOL segment operating losses are calculated as revenue figures provided by the Company less EBITDA losses as estimated by Starboard Value...",
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      "text": "AOL's Display business has scale and we believe can be run profitably",
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