After 10 years of being the same company, Time Warner and AOL are no longer joined. AOL will start trading, says Kelsey Group:

Over the last several weeks, AOL has been aggressively moving to put the merger with Time Warner behind them. To accomplish this AOL has partnered with Wolff Olins, a brand management consulting firm, to give the company a more creative image - one with expression. Though the official transfer of AOL’s logo occurs tomorrow, the new imagery was unveiled last month (click here to see AOL’s new brand identity video), and demonstrates that the company is setting out on a course to redefine itself as more of a unique media and global web services company.

However, AOL has significantly less market share values, Dmwmedia:

wners of Time Warner stock were to receive one share of AOL for each of their 11 shares after the close of the markets. AOL, which now has a market value of about $2.5 billion -- down from more than $100 billion prior to its 2001 merger -- reportedly plans to celebrate its newfound independence Wednesday night with a party in New York featuring recording artist Diddy, according to the blog All Things D.

VentureBeat gives more statistics:

The Present

• Today, AOL’s Internet access business is profitable.
• By contrast, Time Inc. suffered a 40 percent drop in revenue this past quarter.
• Time Warner’s current market cap is $36 billion. The newly spun-off AOL is valued at $2.5 billion.
• AOL CEO Tim Armstrong, hired away from Google, says his strategy is “Content, ads and communication.”
• Also, he plans 5,000 layoffs.