A bit backwards, it was AOL that purchased Time Warner then found that it couldn't manage itself. Since the coup by the Time Warner side it's been trying to find a way to rid itself of AOL. If, big if, they can pull something together it would be a win-win for both sides.
Doesn't really matter does it? AOL couldn't manage to save TW infrastructure after TW spent hundreds of millions implementing new switching systems across the country. Outside of the Media Mogul side TW/AOL *SHOULD* have been a match made in heaven.
I don't think yahoo is going to make TW behave any differently. Once a monolith, always a monolith.