Time Warner beat second-quarter earning estimates, posting revenues of $11.55 billion against Wall Street's guess of $11.45 billion. But AOL, the company's online division, which is strangely coveted for acquisition by both Yahoo and Microsoft, didn't do nearly so well, reporting a 15 percent revenue decline to $1.05 billion. A shrinking Internet-access business is mostly to blame for the drop, but execs said AOL's online-advertising division didn't help much either. It grew only 2 percent, primarily on the strength of ad sales on third-party websites. AOL's owned-and-operated websites lost revenue. In good news for shareholders, the company did not have any news to report about improper vote counting at the company's last shareholder meeting.

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