You've Got Freedom: AOL ends ties with Time Warner

AOL is shaking loose from Time Warner Inc. and heading into the next decade the way it began this one, as an independent company. Unlike in the 1990s, though, when AOL got rich selling dial-up Internet access, it starts the 2010s as an underdog, trying to beef up its Web sites and grab more advertising revenue. Despite a few bright spots in its portfolio of sites, such as tech blog Engadget, AOL has a long way to go until Web advertising can replace the revenue it still gets from selling dial-up Internet access. One especially popular property, entertainment site TMZ, is a joint venture with a Time Warner unit that will keep TMZ and its revenue after AOL splits off. Now investors are getting a chance to place bets on AOL.