Updated: Time Warner, which is in the process of deciding whether or not to spin off AOL,  has told Google (NSDQ: GOOG) it will buy back the 5 percent of AOL the search company acquired in 2006. Next step: a fair-market appraisal of the value. From the 10-Q filed this morning:

SEE ALSO: Earnings Call: AOL’s Display Fell 17 Percent; Search Was Down 12 Percent

“In late January 2009, Google exercised its right to request that AOL register Google’s 5% equity interest for sale in an initial public offering. Time Warner has the right, but not the obligation, to purchase Google’s equity interest for cash or shares of Time Warner common stock based on the appraised fair market value of the equity interest in lieu of conducting an initial public offering. The Company is in discussions with Google and has notified Google of its intention to purchase the 5% equity interest.”

But it’s not as simple as that. Time Warner CFO John Martin mentioned the move during today’s earnings call, describing the response as “moving down a path that could result” in acquiring the stake. he said the company is still in discussions with Google about various possibilities. He also said—in an almost offhand way—that “it’s not a material amount of money one way or the other, not a huge material event.” Which really says it all—AOL isn’t worth the trouble it makes for Time Warner (NYSE: TWX). Today’s call was a good example, with far more attention being paid to AOL than TW’s pure content businesses.