Of course it is. AOL's business model is much like trend setter and market leader Yahoo...
Business by Ya "who?"
1. Pay for great business (ideally one that was "all the rage" years prior to purchase).
2. Try to do something with it (likely something no one can decide upon, because they're just too damn "blue sky" good), so do nothing, aside from some shitty ads and a few logos.
3. Sit back with feet up and watch the userbase trend of the site continue down.
4. Close it and tell yourself it was just the current climate, not early 90s knowledge and close mindedness.
5. Pat yourself on the back and try to think of how to get the money to buy something original and cool like Hotmail or Lycos...