• , Tuesday, May 4, 2004 12 AM

These days, life at Time Warner (note the name change) is getting back to normal. The media giant surprised Wall Street last week, when it reported earnings that far surpassed expectations. Its debt no longer flirts near junk bond levels, and most of its businesses are growing at a healthy rate. And then there's America Online. Despite showing solid gains last quarter, the division still struggles from losses in its premium dial-up service and is still losing online advertising dollars.

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