Under the plan being considered, Microsoft would pay some money to Time Warner for the AOL stake, leaving the two companies approximately equal partners in the venture.
The article also says that AOL has also talked with Google and Yahoo about acquiring part of the service.
Of course, a partnership between MS and TW/AOL would likely have implications for Google. Why? Google ads are visible on AOL Search results pages. Google could/would loose eyeballs if AOL begins showing advertising from MSN's soon to launch AdCenter service. For site owners, an implication is also that AOL's Google-powered results would be replaced by MSN's own crawler results.