I don't see any great plan to actually enhance the value of Time Warner in the long term.

He's trying to increase his leverage on Time Warner, trying to force them to do something a little more drastic than they appear willing to do.

We were very encouraged to see profit up at AOL, even though revenue was down.

I saw it as a very upbeat report. There is no fundamental reason for investors to be selling.

It might be part of a broader gaming strategy. Maybe his next acquisition will be some sort of video-game company.

All of the media companies are interested in the Internet. They have to go where the advertiser dollars are going.