Report: Yahoo board approves AOL talks

Yahoo's new board has decided to allow talks between the company and Time Warner over the future of AOL, according to a report.

Yahoo's shiny new board has decided to move forward with talks with Time Warner about the future of its AOL division, according to the Financial Times.

Citing an unnamed source familiar with the company, the report says active negotiations are not taking place yet--just that Yahoo could sit down to the table over the matter.

Time Warner CEO Jeff Bewkes confirmed last month that the company will split up AOL's media and Internet access groups. And there has been wide speculation that the company may just ditch the ailing business unit altogether.

Earlier this year, talks between Yahoo and Time Warner heated up as Yahoo looked for ways to thwart Microsoft's unsolicited takeover bid. At that time, reports suggested that Yahoo might buy AOL or that Time Warner might invest in Yahoo.

The decision came at Yahoo's first board meeting since Carl Icahn and a few of his posse took seats at the board table.

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