{
  "docId": "019dd923-622b-71dc-a6d9-afa084f9cd73",
  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 76,
  "pageCount": 96,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "closing_ask",
  "function": "state_demand",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Includes detailed footnotes explaining the derivation of the $150M loss estimate and ad fill rates.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-afa084f9cd73/76",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-76",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.08,
        "y": 0.75
      },
      "kind": "callout",
      "text": "Our nominees would evaluate Patch on its financial merits alone and not allow Mr. Armstrong’s emotional and personal connection to Patch to influence the Board’s judgment as to the right course of action for shareholders.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39670855-08ec-465c-9f7b-c9e39c794a7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our nominees would evaluate Patch on its financial merits alone and not allow Mr. Armstrong's emotional and personal connection to Patch to influence the Board's judgment as to the right course of action for shareholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ed2-8462e356bc91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.85,
        "x": 0.08,
        "y": 0.2
      },
      "kind": "list",
      "text": "We believe Patch is currently losing approximately $150 million per year. We believe Patch cannot be profitable, even in the best case scenario, because its business model is flawed. As a result, reality is much worse than the best case. We believe Patch should either be: Sold, Partnered, Restructured, or Shut down.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83f73457-ae4c-44a1-aba9-c41befb30785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.75,
        "x": 0.08,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "(1) We arrived at our revenue estimate... (2) Based on a targeted revenue model... (3) Based on interviews conducted by L.E.K. Consulting.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b40d5e74-0a20-4970-a66b-54731ef2744d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.08,
        "y": 0.12
      },
      "kind": "title",
      "text": "Take action on Patch immediately",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9f42c04-884a-46d5-ba70-a5ee39450c14",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "call-to-action",
      "slug": null,
      "matchId": "933cd832-4a64-4f1c-874b-4378c2419d4d",
      "evidence": "The slide explicitly lists four potential actions for the board to take regarding Patch.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 77,
      "from": 75,
      "beatId": "a62c83da-b3e4-4033-9014-f9e67a3e8c70",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The document proposes solutions to improve AOL's profitability and value for shareholders",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 82,
      "from": 7,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5f7759ea-34c0-4890-95eb-4e615002289f",
      "evidence": "The document highlights the costs of inaction and the need for change in AOL's operations and strategy",
      "position": 0,
      "objective": "Highlight the costs of inaction and the need for change",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}