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  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
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  "authorName": "Starboard Value",
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  "presentationDate": "2012-05-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "Includes a quote from CFO Arthur Minson regarding the growth strategy.",
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      "kind": "disclaimer",
      "text": "(1) List of acquisitions sourced from Forbes... (2) We arrived at our cost estimate for Patch...",
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      "text": "In an attempt to offset the decline in Access and Search, AOL has chosen to invest in online Display advertising, comprised of both free premium content and hyper-local Patch. AOL spent approximately $668 million on acquisitions from 2009 to 2011, as well as an additional $235 million in its investment in Patch alone.",
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      "text": "From 2009 to 2011, AOL has spent approximately $900 million on acquisitions and investments to grow its Display advertising business in an attempt to offset the decline in Access and Search.",
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      "kind": "quote",
      "text": "I'd figured I'd start my presentation off with a little math formula... And it's basically the formula for how AOL returns to overall growth. And basically that happens... when the absolute dollar growth from all the growth businesses... exceeds the decline of the subscription and search operations.",
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      "kind": "table",
      "text": "Select Acquisitions and Investments table showing dates, targets, descriptions, and prices.",
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      "kind": "title",
      "text": "AOL's solution has been to try to grow its Display business",
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