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The Wall Street Journal is reporting that Time Warner has completed the internal paperwork necessary to separate its AOL unit’s dial-up-access business from its advertising and content business. Time Warner is expected to make a statement to this effect tomorrow (Wednesday), after which it will begin planning AOL’s next steps—including a potential sale of either one or both businesses.

We never quite figured out why AOL spent $850 million on social networking site Bebo. A certain head honcho at Time Warner agrees with this confused assessment. Regardless, AOL has been making preparations for a sale for some time now, so it’s only appropriate that we finally hear it officially from Time Warner. At least we already know one company that’s not interested.