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  "documentTitle": "Time Warner Inc. (TWX)",
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      "text": "The underperformance of AOL's advertising business relative to the growth rates of its competitors reflects the strategies each chose to employ.",
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      "text": "OIBDA margin: 48%",
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      "text": "As discussed earlier, AOL does not explicitly report profitability for its content business. Analyst estimates, however, suggest that AOL will achieve Advertising OIBDA margin of approximately 60% in 2005 and 48% in 2006.",
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      "text": "CHAPTER 2A: AOL",
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      "text": "Exhibit 2A.31: REVENUE GROWTH BENCHMARKING - ADVERTISING",
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