There’s been talk about the possibility of further job cuts by early next year. But for the moment, does that mean the restructuring and personnel shifts are largely done?

The worst thing you can do in business is say, “We’re done. We’re fixed.” We will always be changing. And we’re still changing the culture. It’s all ongoing and it will take some time.

There have been rumors that AOL’s mobile ad unit Third Screen Media might be jettisoned. Is that a good candidate for AOL Ventures?

If something is being retooled, it’s all part of being retooled for a larger purpose. What we don’t want to do is put something in a holding pattern or park it until we know what we want to do with it. All I can is we are very focused on display advertising and everything we do has to be global in scope and have some mobile aspect.

You said you now know what AOL’s definition is, what you want it to be. As for what you don’t want AOL to be, exactly what does that include?

It’s simple: We don’t want AOL to try to be ‘everything.’ We want to just be focused on content and display advertising.

So apart from figuring out what you don’t want to do, have you given any thought to acquisitions?

We will absolutely always be looking for companies, technologies that connect themselves into the strategy that we’ve laid out. We have daily conversations with leading companies that are out there. But we don’t believe we need to acquire everyone we want to work with. We’re looking for companies that have something unique to partner with. That’s a big focus right now, certainly.

What kinds of partners are you looking for?

We’re looking for partnerships with data companies, but also agencies as well. And we’re also continuing to ask ourselves if we don’t want to buy it, can we build it.

Google relaunched the DoubleClick Ad Exchange last week. What’s AOL’s approach to ad exchanges? Is that an area you’d like to build up?

Sure, we look at that space. But the approach here is not about throwing all the world’s transactions in one place and seeing how you can drive the price down to nothing. We want to drive value for publishers and advertisers. We’ve always been focused on premium and we’ll always be focused on premium. Tim has often referred to AOL as taking the Goldman Sachs model. That means being above all of this and trying to see where we can drive the highest value, and not looking to the lowest common denominator. If the exchanges give us more access to premium inventory, where we can use our tools to drive that higher value, then we’ll be interested. And when I talk about driving value, I don’t just mean that in a monetary sense. It’s value in terms of the goals of the advertiser.