No matter how much the media companies tell me that the merger is about content, I just don't buy it. It's natural for the media to focus on the media content. After all it's their business. Let's be serious. The typical worldwide audience for a major motion picture measures in the hundreds of millions.
Music releases have smaller volumes, but still enormous.
Streaming Time-Warner's media content down to AOL users is not going to show off their properties. Time-Warner does have something that AOL wants, though. Only three months after the FCC declined to force broadband operators to open their cable lines to alternative ISPs, AOL purchased the number 2 broadband provider in the country. This deal is all about the pipes. It wouldn't even surprise me to see the Time-Warner media properties get spun off in a few years.