AOL Advertising Revenue Down by 21% in Q2 2009

AOL parent company Time Warner released its quarterly earnings this morning and the news is not pretty.

Revenue came in at $804 million, a decrease of 24% over Q2 2008, which brought in $1.06 billion. The decline was almost evenly split among online advertising ($111 million, a 21% decrease) and internet access subscriptions ($135 million, a 27% decrease).

Time Warner has spent $20 million so far in the process of prepping AOL to become a separate, independent company. Earlier this week, Time Warner bought back Google's 5% stake in AOL for $283 million, a big dip from Google's original $1 billion investment back in 2005.