{
  "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": 44,
  "pageCount": 371,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Part of a larger Lazard deck, Chapter 2A.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/44",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-44",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "By contrast, AOL did not make investments over this period in proprietary algorithmic search technology, nor did it cultivate a base of paid search advertisers that it could syndicate to third parties.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14db-7299-bdf7-e593b473071d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.77,
        "x": 0.115,
        "y": 0.305
      },
      "kind": "paragraph",
      "text": "The significant revenue opportunity presented by the paid search model caused a number of leading Internet players to focus extensive resources on enhancing their proprietary search offerings. Google... Yahoo... InterActiveCorp... Microsoft...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a7b1bf1-7c28-4a23-ab41-33068b1b7d4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.77,
        "x": 0.115,
        "y": 0.675
      },
      "kind": "paragraph",
      "text": "While Google appears to have a commanding technology lead... AOL has made investments in the area of video search... However, to effectively develop compelling search offerings may require significant cultural changes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "422788ae-c82a-4514-b862-9783e9d85d8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.77,
        "x": 0.115,
        "y": 0.505
      },
      "kind": "paragraph",
      "text": "By contrast, AOL did not make investments over this period in proprietary algorithmic search technology... AOL licensed search technology and paid search listings from Google. While this helped maximize revenue and minimize investment over this period, it has left AOL in a challenging position...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f6d21d0-bb4a-40b8-8b29-10e0f7208e7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.77,
        "x": 0.115,
        "y": 0.155
      },
      "kind": "paragraph",
      "text": "At the time of the Merger, Internet search services were generally monetized through the sale of banner ads... The paid search industry generated about $6.5 billion in revenue domestically in 2005, with the industry expected to grow at a 15% CAGR over the next five years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96a45431-5bf6-4a00-b59b-7d31da49e53c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.35,
        "x": 0.115,
        "y": 0.925
      },
      "kind": "source-note",
      "text": "(a) Information and estimates based on various Wall Street research reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a38f0485-07e2-4ce9-8e1a-842a1394e691",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.115,
        "x": 0.115,
        "y": 0.112
      },
      "kind": "title",
      "text": "Paid Search",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "248a89c4-b933-4bc4-bda4-b316b9082c72",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 31,
      "beatId": "ea5783e1-e74d-4501-8f63-31239b39ce7f",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides evidence and proof of the challenges and complications faced by Time Warner Inc., including financial data, market analysis, and benchmarking.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}