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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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  "nDataPoints": 24,
  "notes": "The slide uses a red box to highlight the negative EBITDA and margins of the Display segments.",
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      "kind": "callout",
      "text": "How can the Board justify continuing to lose over $500 million in its Display business?",
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      "kind": "paragraph",
      "text": "We believe AOL's decision to continue to invest in each of its Display businesses should be viewed by the Board entirely independent from the rest of AOL's businesses, particularly given its massive losses.(1,2)",
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      "text": "(1) Segment revenue figures are from Company filings... (2) For Patch, we arrived at our revenue estimate... (3) In a research report published on May 10, 2012...",
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      "text": "CY 2011 Operating Performance table showing Revenue, Adjusted EBITDA, and Adj. EBITDA Margin for various business segments.",
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      "text": "We believe any decision to invest in Display should be viewed independently",
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