AOL dialed up its last minute defenses in front of today’s shareholder meeting. And now has a win in its hand.
Late Wednesday the company made a final effort to validate its struggling Patch.com unit ahead of a proxy showdown, outlining ad spending and other financial metrics in a full-color filing to the Securities and Exchanges Commission.
“Patch has a differentiated and powerful strategy with a chance at significant monetization,” AOL said.
That comes as activist shareholder Starboard Value was waiting for its fight, made largely on the basis of a disagreement with Patch, to head for a shareholder vote. Starboard was unlikely to buy into the newly disclosed numbers, but AOL wanted to convince the rest of its shareholders that Patch and other online content investments can still pay off under CEO Tim Armstrong’s watch.