Phoenix, a legendary Arabian bird is said to periodically burn itself to death and emerge from the ashes as a new phoenix; according to most versions only one phoenix lived at a time and it renewed itself every 500 years.

AOL is reduced to ashes, in just five years since its merger with Time Warner. Most of the analysts and shareholders take the name of the company with a sense of nostalgia, almost writing off its future. They do not rule out the possibility of Time Warner selling AOL soon.

“AOL largely sat on the sidelines as the internet evolved over the past six years,” says Kevin Werbach of the University of Pennsylvania’s Wharton School. Does it make it very difficult for AOL to bounce back? What is AOL upto after the recent departure of Steve Case, AOL’s controversial co-founder, from the conglomerate’s board?

Will the revamped AOL.com signal the rise of the phoenix? The Economist has more.