Golden millstone

13 October 2005 By Robert Cyran Follow @rob_cyran

The internet unit had been a millstone around US media group Time Warner s neck. AOL has suddenly become valuable. Both Microsoft and Google would like to acquire AOL. More importantly, neither wants the other to.

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Google and Comcast have teamed up to make a bid for Time Warner's internet group AOL according to multiple media reports. The US internet search group and cable company have reportedly offered up to $5bn for a minority stake of up to 49% in AOL.

AOL is composed of two businesses: a collection of web sites and a dial up internet service. The deal would not involve AOL's dial up operations, a rich and dwindling source of cash flow.

Microsoft is also in talks with Time Warner. The negotiations have centred on creating a joint venture between AOL's web sites and Microsoft's MSN web sites.

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