New York Times:
Free Internet Site: A Portal to AOL's Future?
By SAUL HANSELL and GERALDINE FABRIKANT
Published: June 3, 2005
Last month, America Online convened a meeting broadcast on the Web to its 14,000 employees. The purpose was to show off the free Internet portal that it is about to introduce at AOL.com, the third attempt in three years to offset AOL's steady loss of subscribers.
Before the unveiling, Richard D. Parsons, the chief executive of Time Warner, AOL's parent, spoke. "AOL is not for sale," he said, according to two people who were in the audience.
"AOL is not for spinout," he added. "AOL is for keeps."
But a few days later, Mr. Parsons was quoted as saying that he was, in fact, open to spinning off some AOL shares to the public. Then Barry Diller, an established Internet bargain hunter, said publicly that he had been interested in adding AOL to his holdings last year, but had turned up his nose at hints that the price would be $20 billion.
Whether or not AOL is about to be cast off, its reversal of fortune is striking. Five years ago, when its merger with Time Warner was announced, America Online alone was valued at $164 billion. Now, as it sets out to reinvent itself, its place within Time Warner is in question....
http://www.nytimes.com/2005/06/03/technology/03aol.html?hp&ex=1117857600&en=d4ac72a98754f9af&ei=5094&partner=homepage