In recent interviews, sources have said Time Warner would be interested in selling AOL if it attracted the right price, although Time Warner is understood to have ruled out the possibility of spinning out AOL as a separate vehicle.
Despite its public stance, Time Warner is looking for a 12-13 times Ebitda (earnings before interest, tax, depreciation and amortisation) multiple for AOL, a banker following the matter said recently. That would value AOL at between $23.5bn (£13bn) and $25.4bn (£14m), if figured on a run-rate based on the three months to the end of March. That is, however, a high target it will probably never achieve, a source recently said.
AOL has lost customers. At the end of March, it had 24 million US members, 6.4 million in Europe.
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