AOL remains a turnaround story following its $315 million purchase of the Huffington Post. Although the company enjoys huge web traffic, it still derives much of its revenue from its dying internet access subscription business. The company, which is aggressively courting women among other verticals, is hoping a new ad format called Portrait will drive display ad revenue. The company is also investing $40 million a quarter in its Patch local news service. AOL (NYSE: AOL) should benefit from increasing web ad spending, but this is a volume game, and eventually investors could lose their patience with CEO Tim Armstrong, the company

at 617 × 389 in Mid-Year Media Stock Review: Content Trumped Tech in First Half of 2011

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