Time Warner, which ditched its "America Online" moniker in 2003 out of embarrassment, is back on the podium. At last week's Academy Awards ceremony, Million Dollar Baby and The Aviator, both Time Warner films, scooped Oscars.

Two years ago, Time Warner would have won the award for Biggest Loss by a Corporate, to add to the gong it won in 2000 of Biggest Deal in Corporate History.