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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": "The net result of these actions should be a Display business that is profitable on a stand-alone and fully-allocated basis. Other companies can generate profits on a similar and even lower amount of revenue. We believe AOL should strive to do the same.",
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      "text": "Take action with regard to unprofitable content properties and verticals. For each property or vertical that is unprofitable on a fully allocated basis, determine whether the Company has a legitimate plan to become profitable on a risk-adjusted basis in the near term. If not, determine whether each of these unprofitable verticals should be restructured, sold, shut down, or outsourced to a content partner to substantially improve profitability.",
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      "text": "Fully allocate the costs for each content property and vertical to determine true profitability. Based on conversations with management, AOL currently measures profitability by property as total revenue less direct editorial spending. However, this does not include any costs related to sales and marketing to generate this revenue or the Company’s significant technology and corporate expenses.",
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      "text": "Rationalize duplicative costs throughout the organization.",
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      "kind": "paragraph",
      "text": "Our nominees would exercise stringent financial discipline in the Display business by taking the following actions:",
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