There are rumors that Google and Comcast will buy into AOL. John Battelle describes AOL as the "flop," and he's right. Google's stock took a hit after the rumors. indicating few people like the idea.
The only things Google should be interested in are: reaching AOL's customers, which means keeping Google as the search engine of choice on AOL, and merging the companies' IM services.
But the content? Why the hell would Google want that? It already has access to most of the content in the world. Google is not a media company. If it were to somehow "own" AOL's content, what would it do with it? Give its content preference in the search results? Give the site preference for ads? These are anathema to Google and would seriously damage its relationship with web searchers and its customers, the advertisers.
I'll bet the the talks do not include having Google take over AOL's content business. Let Comcast have that if it wants, or keep it with Time Warner.
Google with proprietary content would be the first step in the death of the company. I would sell my Google stock if that happened, and re-buy only when word leaked out that it was selling the content part of the biz.