AOL Clouds Icahn Battle

So Icahn logically asks why Time Warner's studios and networks, having produced so much great content, have suffered under the weight of a complicated conglomerate and notions of synergies that never existed. In other words, how can you produce Lord of the Rings, Harry Potter, a slew of hyper-successful HBO shows, New Line films, have great cable networks, successful magazines -- and not move your share price in the right direction?

Until Time Warner figures out how to either wake up AOL or get out of it, the company appears doomed to keep asking that question.