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  "docSlug": "86d8f17ffaaed8be61f8b36e2c739da4",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-01 00:00:00",
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  "pageNumber": 20,
  "pageCount": 96,
  "prevPage": 19,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "Uses a comparison table to contrast a profitable peer with the target company's loss-making segments.",
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      "kind": "callout",
      "text": "On any metric, it appears AOL's Display business is substantially underperforming.",
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      "text": "WebMD provides health information services to consumers, physicians, and other healthcare professionals in the US.\nGiven that the majority of WebMD's revenue is derived from public portal advertising, we believe that it serves as a relevant point of comparison to AOL's Display business.\nBy focusing on a single attractive vertical, WebMD has amassed revenue of $558 million and EBITDA of $181 million in 2011, representing a 32% EBITDA margin.",
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      "kind": "paragraph",
      "text": "As just one example, in 2011, WebMD Health was highly profitable on a similar-sized revenue base.",
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      "kind": "source-note",
      "text": "(1) Approximately 85% of consolidated revenues... (2) Company filings and Capital IQ. (3) Segment revenue figures...",
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      "kind": "table",
      "text": "WebMD Health Financials: Revenue $559, EBITDA $181, Margin 32%. AOL Financials: Total Display $573/($545)/-95%, Total Display + Search $931/($285)/-31%, Display ex Patch $560/($398)/-71%, Display ex Patch + Search $918/($138)/-15%",
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      "kind": "title",
      "text": "Other similarly-sized premium content sites are highly profitable",
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      "evidence": "The deck highlights the severity of AOL's problems and the consequences of inaction.",
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