A stark reality check
Richard Greenfield, an analyst who covers Time Warner for Pali Capital, said it seemed unlikely that any deal for AOL would be struck before the Yahoo shareholder vote.
“I don’t see why anyone would make a move now with all the pieces on the chess board where they are,” he said.
He added that Time Warner was in a difficult spot because the value of AOL was declining. Its main business of selling graphical display ads is under pricing pressure. And its brand has such a “toxic” connotation with consumers, Mr. Greenfield says, that the company does not use the AOL name when it starts new Web sites.