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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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      "text": "Patch is a high cost business model that is not scalable. Local advertisers want direct response ads that have an attractive measurable ROI. National advertisers do not appear to value hyper-local advertising. Patch ad slots are filled with remnant AOL inventory. Even if Patch achieved its revenue model, it would be highly unprofitable.",
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      "text": "… Unless Patch can come up with a new, performance-based product that can drive people into the advertisers’ stores, their business model isn’t going to work and it won’t succeed….",
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      "text": "– Former senior Patch employee, March 2012 (1)",
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      "text": "(1) Based on interviews conducted by L.E.K. Consulting. (2) Based on a targeted revenue model of 80% of Patch’s ad slots being filled by local advertisers...",
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      "text": "We believe the Patch business model is flawed and will not succeed",
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