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  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
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  "presentationDate": "2012-05-01 00:00:00",
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  "nDataPoints": 12,
  "notes": "Uses a dual-chart layout to contrast investment spend vs. enterprise value decline.",
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      "kind": "callout",
      "text": "$903 million spent on acquisitions and investments",
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      "text": "$1.7 billion decline in enterprise value",
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      "text": "Historical Acquisitions and Investments",
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      "text": "Historical AOL Enterprise Value",
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      "kind": "paragraph",
      "text": "To pursue its Display strategy, AOL spent $903 million on acquisitions and investments from 2009 through 2011. Yet, enterprise value declined by 59% or $1.7 billion over this period.",
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      "kind": "paragraph",
      "text": "For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?",
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      "kind": "source-note",
      "text": "(1) Acquisitions of $668 million sourced from Forbes... (2) Capital IQ data measured from AOL's IPO price...",
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      "kind": "title",
      "text": "We believe AOL’s Display strategy has resulted in approximately $1.7 billion in value destruction",
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