When AOL paid $850 million for Bebo two years ago, the deal immediately smelled rotten. Now it's looking downright putrid: AOL might write the social network off entirely.

At last, AOL has done something right: The Time Warner Internet unit has hired Google's Tim Armstrong as its new CEO, booting the laughably incompetent duo of CEO Randy Falco and COO Ron Grant.

Author/humorist David Sedaris turns 52 today. Jared Leto is 37. CNN's Candy Crowley is 60. AOL chief Randy Falco is 55. Senator Evan Bayh is 53. America's Most Wanted's John Walsh is 63. Chris Daughtry is 29. And record producer (and possible murderer) Phil Spector celebrates his 68th today. Weekend birthdays after…

Another day, another hare-brained scheme to buy Yahoo. This time, the player isn't Microsoft CEO Steve Ballmer, but former AOL CEO Jon Miller, who now runs a venture-capital fund. But the prospect of a deal seems as far off and fanciful as Microsoft, which spent most of the spring and summer trying to buy Yahoo,…

The heady rush of access can cloud a reporter's brain. Nicholas Carlson, late of Valleywag, now at Silicon Alley Insider, had stalked his prey inside New York's Natural History Museum: Randy Falco, the CEO of AOL. After Falco made a presentation to media buyers, Carlson buttonholed him and got his scoop: Falco is of…

Time Warner has reported its third-quarter results, including AOL's numbers, and they are dismal. Internet-access revenues were down 26 percent, a loss everyone more or less expected, since the dial-up business is moribund. But advertising sales were down 6 percent. AOL management can't blame the market meltdown for…

Liberty Media CEO John Malone told the Financial Times his company is ready to swap its $1.42 billion stake in Time Warner in order to acquire AOL's dialup business. There's just one holdup. "Time Warner still needs to divide the business," Malone complained to the FT. Though it's been more than two years since Time…

Let us say it, since every other writer seems too kind: As CEO of AOL, Randy Falco is an utter embarrassment. Silicon Alley Insider recounts his perplexing performance in front of a crowd of media executives gathered for Advertising Week in New York. "Radio was supposed to die 50 years ago," Falco said. "The reason…

On August 20, big layoffs are expected in AOL's technology operations. AOL CEO Randy Falco's vision for the Time Warner-owned Internet company: Get rid of all that messy Internet stuff. Madison Avenue, let's do lunch! Stripping AOL down to an ad-sales operation (and a collection of Web properties on which to place…

Former AOL CEO Jon Miller, reportedly Microsoft CEO Steve Ballmer's favorite to lead the company's new online division, withdrew his name from consideration yesterday because he'll soon be joining Yahoo's board. So if not Miller, who's going to take on the task of saving Microsoft by building its presence on the…

No one can make sense of AOL's $850 million Bebo buy, not even Time Warner CEO Jeff Bewkes, who is dropping hints that his company overpaid for the social network. AOL CEO Randy Falco and COO Ron Grant, shown here in a deliciously awkward moment with Bebo president Joanna Shields, negotiated the deal in secret, to…

Poor AOL CEO Randy Falco. He believes that acquiring the social network Bebo for $850 million put AOL in a "leading position" in social networking. Everyone else thinks the buy was a joke — including Bebo cofounder Michael Birch. Asked at an event yesterday about the purchase price, Birch said, "850 million is an…

While Microsoft's Steve Ballmer and Yahoo's Jerry Yang exchange angry letters over the fate of their companies, AOL CEO Randy Falco has this for his legions:

News Corp. is now discussing a possible joint takeover bid for Yahoo with Microsoft, according to unnamed sources cited by the Wall Street Journal. Meanwhile, Yahoo is now discussing combining Internet operations with Time Warner-owned America Online as part of a three-fold move to stave off the takeover bid that…

AOL CEO Randy Falco and President Ron Grant — check out the photo and you'll see why the rank and file call them "Smithers and Burns" — kept plans to buy fourth-place social network Bebo secret from AOL's other top execs. Acquisitions talks are often kept quiet, but BoomTown sources say Falco and Grant were more…

Before agreeing to sell to AOL for $850 million, Bebo president Joanna Shields tried to sell the company to News Corp., Google, Yahoo and CBS. Didn't happen. Bebo gets too little traffic in the U.S., sources from those companies told BoomTown. Microscopic revenues probably didn't help Bebo reach its hoped-for $1…

AOL CEO Randy Falco said the $850 million Bebo acquisition put his company in "a leading position" in social networks. Too bad his claim doesn't jibe with ComScore's chart comparing Bebo's traffic to social networks MySpace and Facebook, above. Where was "human computer" Ron Grant when Falco needed him to do some…

You might hate your job, but you've got it better than the office plants at AOL's former headquarters in Dulles. A tipster writes:

What does AOL topper Randy Falco think of Microsoft's hostile Yahoo takeover? He hopes it bloodies both parties and Google, too. "I hope they beat each other's brains out over search and leave the display market to us," Falco said at the IAB conference. He cited the wisdom of a role model: "I think it's a mistake.…