TWX: What Should Parsons Do with AOL?

I've been saying for years (well, at least since Steve Case's clever use of inflated AOL stock to finance the merger) that AOL is a drag on the value of Time Warner. If I were CEO of TWX, I would have asked the board to either approve a spin-off or a very serious search for a buyer. Word is that Time Warner execs are, indeed, shopping around parts of AOL, and that Rupert Murdoch's BSkyB may be interested in some of the pieces, particularly AOL's British operations. This would fit with Murdoch's attempt to get serious about the Internet as a media portal (as with his surprise purchase of MySpace). Can Time Warner make AOL into a more powerful player on the Web, perhaps a real competitor with Google and Yahoo (after all, AOL is one of the old timers of the Internet and had a head start -- although it is unclear that this "advantage" was ever used properly)? Remains to be seen. I'd still prefer the spin-off option (or sale, if a good price could be had).