Time/Warner and AOL were never a good fit, and apparently the TW people blame AOL for dragging down the whole company, and are looking to dump it.

AOL would be a hot acquisition for a company that knows what to do with it. Rumor has it that Microsoft wants to add AOL's ~30 million subscribers to MSN; or Yahoo to whatever it is Yahoo does; or Google may want to acquire AOL to instantly get into the portal business.

Microsoft and Yahoo would be looking to expand the size of their existing online services, while Google would be looking to enter that market segment from scratch and hit the ground running. Personally, I'd prefer to see Google pick it up. They're all about innovation, and it would be fascinating to see the makeover they'd give AOL. The other two would just fold AOL into existing services, disappearing AOL but not radically altering their existing services. Google/AOL would at least be interesting, and very likely would kick some serious ass.