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That acquisition was chosen... poorly.

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Time Warner CEO Richard Parsons announced that a decision on the fate of AOL will be made by year's end. Parsons talked about his large controversial unit on a webcast given at a Merrill Lynch U.S. media conference in London, claiming that in terms of AOL's refocused online ad sales engine business model "we're in the right area."
Parsons also said that the company was sticking with the publishing racket. His comments on the industry, from Reuters:

"We're not looking to move our publishing company out," Parsons told Merrill Lynch analyst Jessica Reif Cohen during a question and answer session. [Parons] added Time Warner would continue to shut down unprofitable titles and sell off others. "As long as our publications have Jesus on the cover 3, maybe 4 times a year, I think we're set," he shouted from his Second Life mountaintop. "Magazines will be around for a long time," he said. "It can be in the 8, 9, 10 percent growth business for a long time, if we successfully make this transition to digital."

Time Warner to make decision on AOL at year-end