Yahoo's new board of directors met on Tuesday and approved new talks with Time Warner regarding a possible sale of AOL. Yahoo recently expanded its board to 11 members, adding investor Carl Icahn in a settlement after his attempt to takeover the company with a new board. Frank Biondi and John Chapple also joined the board.
AOL has also been going through some changes, refocusing its business model on media and not on internet access. Subscriptions to its internet access product have declined in recent years due to the increased (and ironic for the Time Warner-owned AOL) broadband high speed internet subscriptions via cable companies.
No talks are currently underway. Tuesday's decision simply approves a move to proceed with them.
via Financial Times