Ben Schacter provides the safest and most likely story for big online media, via Sorry, AOL’s Stock Is A Dog (AOL):

For investors looking for an attractive potential turn-around story, we favor YHOO shares over AOL. YHOO user metrics have remained much stronger than AOL’s, and we believe that YHOO is better positioned for margin improvement. We reiterate the three key reasons why we like YHOO shares: 1) Macro turn-around, 2) Margin transformation, and 3) Asia assets. Additionally, GOOG remains our top pick in the space as it should benefit from significant monetization improvements, share gains, an improvement in the macro environment, as well as upside from display and mobile.