AOL+Compuserve = FAIL. AOL+Netscape = FAIL. AOL+Time Warner = FAIL. AOL+Yahoo …

Apparently, Yahoo’s merger discussions with AOL can be reheated two, sometimes even three times–just like leftover pizza. According to Britain’s Times newspaper, Yahoo (YHOO) and Time Warner (TWX) spent the past weekend discussing a deal to combine the Internet operations of the declining Web giant with Time Warner’s AOL–the same deal the two mulled over back in June and a few months before that, as well. As I said back in April, “Yahoo will no doubt spin such a combination as one that would bolster its domestic market position. But rather than a synergistic powerhouse, a merger of these companies is more like two louts coming together to make one cretin. Not exactly a proven formula considering recent history. AOL+Compuserve = FAIL. AOL+Netscape = FAIL. AOL+Time Warner = FAIL. AOL+Yahoo?”

Anything to keep that share price above $20, eh Yahoo?