Last spring, Time Warner announced that it would spin off AOL as an independent company. The announcement was made shortly after hiring Tim Armstrong away from Google as President. This fall, they've named members to the future Board of Directors and hired key financial executives needed to run the publicly traded company.
Now, we know that AOL's independence day is December 9, 2009. All Time Warner stockholders as of 5pm on November 27, 2009 will receive 1 AOL share for every 11 shares of Time Warner.
AOL has openly talked about their focus on content, in ways reminiscent of Yahoo! after striking a deal with Microsoft. AOL currently relies on Google for their search, and there's no sign of that changing anytime soon.