AOL
Starboard, the activist investment group that expressed great skepticism about AOL’s content-based strategy, lost its bid to place three members on the company’s board at today’s annual meeting. AOL’s entire present board was re-elected, a company news release says.
This may mean some more breathing space for Patch, AOL’s local-news initiative, which would have been in the crosshairs of any Starboard-affiliated directors. Starboard prepared an investor presentation for the SEC saying it did not believe Patch was a “viable business,” estimating it was losing “approximately $79 million to $133 million per year.”
Related: Patch reports record audience as AOL faces proxy fight
