AOL not chasing Yahoo, but still gets top talent: CEO
He argued that the company, once a by-word for online access, has made great strides. Revenue is down only 6 percent in the third quarter, versus more than 20 percent in the same period a year ago, while at the same time AOL has been slashing costs. Armstrong repeatedly placed AOL's performance in the context of the decade-long marriage with Time Warner, roundly criticized as one of the worst mergers in corporate history. AOL was spun off from Time Warner in 2009.