AOL Doubles Down On Content After Surviving Activist Challenge

By TechCrunch: By Kim-Mai Cutler

BOSTON (Reuters

AOL said Thursday that shareholders re-elected all of its board members, rejecting a challenge from a hedge fund seeking a shakeup at the Internet and media group."Today's outcome reaffirms our strong belief that AOL has the right strategy and team to successfully execute on our plan to continue to deliver enhanced value for all stockholders," the company said in a statement.The vote was a setback for the Starboard Value hedge fund, with a large stake in AOL, which sought five seats on the board of directors and has criticized the strategy of the current management.

The hedge fund Starboard Value is fighting for a greater say in AOL's strategy, arguing that Tim Armstrong's focus on premium content and display advertising isn't delivering results. That isn't true, says Armstrong -- but Starboard's refusal to shut up about it might be making it just a little bit true.

Starboard Value, the activist hedge fund that seeks to replace three of AOL's directors with its own nominees next month, has laid out its disagreements with the internet giant's current management in a 96-page presentation to investors. Whether you agree with Starboard, which owns 5.3% of AOL, or have faith in chairman Tim Armstrong, the presentation makes for some hair-curling reading

(Reuters) - The activist investor engaged in a proxy battle with H