Google To Purchase Stake In AOL For $1 Billion
Lord Haha writes "It appears that Google may be on the verge of purchasing a 5% stake in AOL." From the article: "A tie-up with Google would make sense. Time Warner has been losing out online to rivals like Microsoft and Yahoo. For its part, Google may be interested in getting access to AOL's e-mail and instant messaging service. It would strengthen Google's hand against rivals Yahoo and Microsoft, who have well-established webmail and instant messaging services. Google is a relative newcomer to this area with Gmail and Googletalk." More commentary on News.com. Big change from just a few days ago.
Intangible assets such as subscriber base don't really factor into the value of a company since they are impossible to measure. Just ask Reader's Digest.
Perhaps this NY Times article will satisfy your skepticism. http://nytimes.com/2005/12/16/technology/16cnd-aol .html