This column was originally published on RealMoney on July 14 at 3:32 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.Why is Time Warner ( TWX) down? The biggest reason of the week: the shift in strategy by AOL to focus on increasing page views by opening up the gates of content to non-subscribers. Investors are nervous that this shift in strategy could be met by losses in the once-profitable (but declining) subscribers division. This fear was exacerbated by an article in The Wall Street Journal that claimed the change in strategy might result in more than $1 billion in losses. The smaller reason: Microsoft ( MSFT) and Yahoo! ( YHOO) are teaming up on an instant-messaging service. I am a big fan of AOL's IM, and none of the colleagues, friends and family members that I message use any other IM service.