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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "Any continued underperformance of AOL advertising sales is particularly of concern, as the mainstay of AOL's new strategy is advertising from its content sites on the Internet.",
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      "text": "Advertising Revenue: $1,340",
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      "text": "Advertising revenue has increased since 2003, consistent with the general recovery in the online advertising market. AOL grew advertising revenue from $785 million in 2003 to $1.0 billion for 2004. The trend has continued in 2005, with AOL advertising revenue expected to increase to $1.3 billion for the year.",
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      "text": "Paid search and related advertising revenue grew from $200 million for 2003 to $325 million for 2004, and is expected to grow to $445 million in 2005.(a) Revenue resulting from the acquisition of Advertising.com has also grown. After reporting $97 million in revenue for 2004 since the time of acquisition, Advertising.com is expected to generate $250 million of revenue in 2005.(a)",
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      "text": "Excluding the contribution of paid search and Advertising.com, AOL's implied branded advertising revenue has grown only modestly. Branded Advertising revenue was approximately flat between 2003 and 2004. During this period, European branded advertising grew $33 million, suggesting that domestic branded advertising declined about the same amount. Any continued underperformance of AOL advertising sales is particularly of concern, as the mainstay of AOL's new strategy is advertising from its content sites on the Internet. Branded advertising represents 65 - 70% of Yahoo's revenue.(b)",
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      "text": "The increase in advertising revenue since 2003 is largely a result of two developments: (a) the formation of a revenue sharing agreement with Google established in 2002 related to paid search and other pay-for-performance advertising; and (b) the acquisition of Advertising.com.",
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      "text": "Exhibit 2A.22: AOL ADVERTISING REVENUE ($ MM)",
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