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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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  "notes": "Uses CNET as a precedent for profitability in display-heavy business models.",
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      "text": "We believe this is the right comparison as Search is not dependent on Display. Even if you include Search, performance is still poor. We believe this would be a good first step, but it is still not enough to make Display profitable.",
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      "text": "CNET, prior to its acquisition by CBS Corporation in 2008, provided online information, product reviews, and advice for consumers interested in technology and consumer electronics.\nGiven that the majority of CNET's revenue was derived from display ads, we believe that it serves as a relevant point of comparison to AOL's Display business, even though it was acquired in 2008.",
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      "text": "CNET Networks serves as evidence that a display business can be highly profitable on a smaller revenue base than AOL has today.",
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      "kind": "source-note",
      "text": "(1) Approximately 81% of consolidated revenues were generated from Marketing Services... (2) Company filings and Capital IQ. (3) Segment revenue figures other than Patch are from Company filings...",
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      "text": "AOL Financials (3) ($ in millions) Revenue EBITDA EBITDA Margin Total Display $573 ($545) -95% Total Display + Search 931 (285) -31% Display ex Patch 560 (398) -71% Display ex Patch + Search 918 (138) -15%",
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      "text": "CNET Financials (2) ($ in millions) Revenue EBITDA EBITDA Margin 2008 $408 $55 13% 2007 406 65 16% 2006 369 59 16%",
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      "text": "On any metric, it appears AOL's Display business is substantially underperforming.",
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      "text": "Smaller sized premium content sites are also highly profitable",
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