An article in yesterday’s UK Daily Telegraph is headed, “AOL chief says Time Warner demerger ‘becomes interesting’ “. Note this is the AOL chief, Jonathan Miller, speaking, not Time Warner’s, who has already dropped AOL from its corporate branding.

In a further deconstruction of the dotcom era merger, the UK part of AOL has been sold to a precocious startup called The Carphone Warehouse for £370 million ($692m), and the French and German businesses have gone the same way.

For those of us in the Bl*g Network space, the big question is what now happens to Weblogs Inc, Jason Calacanis’s blogging business bought up last year by AOL on the expectation of moving from ISP to content business — which was also the intention of the tieup with Time Warner?

Miller believes AOL will be swallowed up before the ink is dry on the demerger papers. By whom, and why, we may well ask.

One thing’s for sure, being a content company bought by a mainstream giant in these uncertain times may not be the bed of roses it first seems.