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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": 28,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a table to compare 'Display - Free Premium Content' against 'Display - Patch' to isolate the negative impact of the Patch acquisition.",
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      "kind": "callout",
      "text": "Despite significant investment, we believe Patch has minimal revenue and massive losses.",
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      "text": "AOL acquired Patch, a company that AOL's Chairman and CEO Tim Armstrong co-founded, for $7.0 million in cash from an investment company that Mr. Armstrong also founded. Since then, Patch lost approximately $75 million in 2010 and $147 million in 2011. AOL has spent a total of $242 million to acquire and build Patch.",
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      "text": "(1) For Patch, we arrived at our cost estimate in 2010 based on the following statement... (2) Calculated based on $7 million to acquire Patch in June 2009, $75 million of investment in 2010, and $160 million of investment in 2011.",
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      "text": "CY 2011 Display Operating Performance. Display - Free Premium Content: $560M Rev, ($398M) EBITDA, -71% Margin. Display - Patch: $13M Rev, ($147M) EBITDA, -1131% Margin.",
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      "kind": "title",
      "text": "We believe Patch is the largest single contributor to losses in Display",
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