AOL announces name change

The confusion about whether AOL stands for America Online or American Online is forever over. From now on, the company will officially go by its widely used acronym.

Most people have referred to the Web media company as AOL for a long time and Monday's name change was expected for some time.

Time Warner's Internet unit also announced that it's moving from a corporation to a limited liability company.

"Our company long ago accomplished the mission implied by our old name. We literally got America online," Jon Miller, chairman and chief executive of AOL told the Associated Press. "Our new corporate identity better reflects our expanded mission--to make everyone's online experience better."

Once one of the most powerful Internet companies, AOL has lost 27 percent of its subscribers since Sept. 2002.