{
  "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 28,
  "pageCount": 371,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide contains two distinct sections: a narrative analysis of AOL's strategic pivot and an exhibit titled 'Stuck in a Walled Garden' detailing the historical context of the strategy's failure.",
  "elementsJson": [
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.766,
        "x": 0.117,
        "y": 0.655
      },
      "kind": "callout",
      "text": "Exhibit 2A.4: STUCK IN A WALLED GARDEN",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75cb692f-f50c-4693-8037-0b759711fe56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "How did TWX permit AOL to fall so far behind, pursuing a strategy so well beyond its useful life?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdf5-b80c2c1cba70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.185,
        "w": 0.766,
        "x": 0.117,
        "y": 0.345
      },
      "kind": "paragraph",
      "text": "In executing this new strategy, AOL will face a number of challenges... It is unclear what incentive non-AOL access users will have to use the AOL version of such services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b070d33-a5d3-4719-98b7-04bc03222f1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.225,
        "w": 0.766,
        "x": 0.117,
        "y": 0.108
      },
      "kind": "paragraph",
      "text": "As a consequence of the walled garden strategy... AOL is now pursuing a strategy focused on maximizing the size of the audience from which it can derive advertising revenue.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3def884e-ca24-4435-ab3f-0a1204902c1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.095,
        "w": 0.766,
        "x": 0.117,
        "y": 0.545
      },
      "kind": "paragraph",
      "text": "The Audience business unit also includes Advertising.com, which was acquired in the 3rd quarter of 2004... Advertising.com has provided AOL with additional opportunities to derive advertising revenue that are not dependent on the AOL walled garden traffic.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41bd7b62-8e01-41be-b6dc-11d0bf94885d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.255,
        "w": 0.766,
        "x": 0.117,
        "y": 0.685
      },
      "kind": "paragraph",
      "text": "How did TWX permit AOL to fall so far behind, pursuing a strategy so well beyond its useful life? For years, AOL has followed a walled garden strategy... AOL was able to achieve a market share of over 50% of residential Internet access subscribers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97526505-e9af-4b6b-9a6e-5cc9fc694ed3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.178,
        "x": 0.708,
        "y": 0.077
      },
      "kind": "title",
      "text": "CHAPTER 2A: AOL",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a572fb3-c6fa-47f4-856b-b348a2c997e9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 30,
      "from": 17,
      "beatId": "5734248f-9cd6-49f6-b615-f2f124b905c3",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document highlights challenges and complications faced by Time Warner Inc., including declining share prices, increased competition, and operational issues.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}