As Jeff Bewkes whittles away at the Time Warner empire, it’s become clear that the company will have unraveled the two great megamergers that created its current shape.

AOL is shutting three data-storage services, including one of the Internet’s earliest photo-sharing sites, as it seeks to cut costs and focus resources on its advertising opportunities.

Amid all the maneuvering over the fate of Yahoo, Time Warner is again exploring whether it can persuade either Microsoft or Yahoo to buy its AOL unit.

Joseph A. Ripp, the man who revealed financial troubles at AOL in 2001, is among several former AOL executives facing a civil lawsuit alleging financial fraud.

The S.E.C. said that it had sued eight former AOL executives over a fraudulent accounting procedure that caused the company to overstate its advertising revenue by more than $1 billion.