AOL retains Allen & Co. and Watchell, Lipton, Rosen & Katz as advisers
AOL, the internet and media company, held investment bank Allen & Co. and law firm Wachtell, Lipton, Rosen & Katz , back as advisers. As a standalone company, AOL incurred about $800 million net losses in less than two years. AOL has been struggling to make money through online advertising in spite of being an internet and media company. Despite all this, company's CEO Tim Armstrong, refused to say if there are any ongoing discussions about a merger or acquirement. Adweek points that it could be lucrative to break apart the company to sell off the pieces.