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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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  "notes": "Includes a survey result showing 0% of 11 surveyed advertisers value Patch over other broad-based display advertising.",
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      "text": "Given the substantial percentage of ad slots on Patch that we believe are sold at steep discounts to rate card pricing, we would also question whether national advertisers value Patch.",
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      "text": "National Advertiser Survey Results (1) Do national advertisers value a Display ad on Patch more than any other form of broad-based display advertising? Yes 0% No 100%",
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      "text": "As part of the assignment, L.E.K. Consulting contacted national advertisers to better understand why they value advertising on Patch. After contacting 11 randomly-selected national advertisers and receiving 11 consecutive responses that these advertisers did not value advertising on Patch more than any other form of broad-based display advertising, L.E.K. moved on to other parts of the assignment. While this was clearly a small sample size, we believed these results were highly indicative of the responses we would receive from a larger sample size for the following reasons: National advertisers are more interested in broad reach than hyper-local advertising. Patch's monthly fixed rate card pricing implies substantially higher CPMs than national advertisers would otherwise pay on other local sites.",
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      "text": "advertiser interest: 100%",
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      "kind": "paragraph",
      "text": "Given the substantial percentage of ad slots on Patch that we believe are sold at steep discounts to rate card pricing, we would also question whether national advertisers value Patch.",
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      "text": "… Our clients have never asked us for hyper-local advertising, and we don’t see a need with a national product. Patch may be able to get some traction through AOL, but it’s really all about the reach and getting your brand out there. I don’t see this changing in the future….",
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      "kind": "quote",
      "text": "“... Our clients have never asked us for hyper-local advertising, and we don’t see a need with a national product. Patch may be able to get some traction through AOL, but it’s really all about the reach and getting your brand out there. I don’t see this changing in the future....” — Senior advertising agency director, March 2012",
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      "text": "(1) Survey from L.E.K. Consulting. Sample size of 11 randomly-selected national advertisers. (2) Based on interviews conducted by L.E.K. Consulting.",
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      "text": "It appears national advertisers do not value Patch",
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      "evidence": "Exposing the contradiction between Patch's business model and advertiser needs.",
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