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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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  "notes": "The table highlights the massive losses in 'Display - Free Premium Content' and 'Display - Patch' compared to the profitable core businesses.",
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      "text": "How can the Board justify continuing to lose over $500 million in its Display business?(3)",
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      "text": "Adj. EBITDA Margin: -1131%",
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      "text": "We believe AOL's decision to continue to invest in each of its Display businesses should be viewed by the Board entirely independent from the rest of AOL's businesses, particularly given its massive losses.(1,2)",
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      "text": "(1) Segment revenue figures... (2) For Patch... (3) In a research report...",
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      "text": "CY 2011 Operating Performance table showing Revenue, Adjusted EBITDA, and Adj. EBITDA Margin for various business segments.",
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