What about AOL?

Analysts and experts are divided as to what effect Microsoft's interest in Yahoo! might have on AOL, which is rebuilding itself as an ad-supported content network. While some say a deal would give rivals like Google and others a reason to look at AOL as a potential acquisition, others suggest that AOL would find itself as a distant third-place player in the online ad space if Microsoft and Yahoo! were to join forces.

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Washington Post, The · Advertising Age (tiered subscription model)

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