The future of Google’s (NSDQ: GOOG) five percent stake in the Time Warner (NYSE: TWX) unit, acquired for $1 billion as part of the search renewal, is one of the footnotes to any AOL discussion. When it came up during today’s call, CEO Jeff Bewkes and CFO John Martin downplayed the significance. Yes, Google has the right to register its shares mid-year but, says Bewkes, “It’s not clear at all that they would want to act on it. It’s fine if they were to act on it. ... We just can’t say much about it at this point.” Either way, not an issue—from their perspective. 

Sidenote: Looking back at the press release for that deal is like walking through a ghost town. Jon Miller—replaced. Don Logan—retired. Dick Parsons—reduced. Last man standing: Eric Schmidt, of course.