First impression: There is a lot of past tense in these bios. As in Richard Dalzell, who used to be chief information officer at Amazon (AMZN), and Fred Reynolds, who used to be chief financial officer at CBS (CBS). Etc.

My gut here is that Armstrong, or his employers at Time Warner (TWX), want to bump the age/gravitas quotient, since Armstrong and most of his lieutenants are whippersnappers under 40.

Here’s the abbreviated list of elder statesmen:

Richard Dalzell: Amazon exec from 1997-2007

Karen Dykstra: Partner at Plainfield Asset Management; former CFO of Automatic Data Processing

Bill Hambrecht:  Founder, Hambrecht & Quist; IPO’d Apple (AAPL), Amazon, Adobe (ADBE), etc.

Patricia Mitchell: CEO of Paley Center for Media; former CEO of Public Broadcasting Service

Michael Powell: Providence Equity adviser, former head of the FCC; also known to some as former Secretary of State Colin Powell’s son

Fred Reynolds: 15-year veteran of CBS; retired this year

Jim Stengel: 25-year veteran of Procter & Gamble (PG), retired 2008; now runs consulting company

Jim Wiatt: Ran William Morris agency until forced out this year; last seen chatting up Google CEO Eric Schmidt about working with YouTube

Here’s the press release. More in a bit:

AOL NAMES ITS BOARD OF DIRECTORS

New Board Establishes Strong Foundation in Leadership and Governance with Diverse Range of Talents from Internet, Media, Marketing, Entertainment and Finance

NEW YORK, NY – October 26, 2009 – AOL today named nine members to serve on its Board of Directors, drawing on leaders with expertise in Internet, Media, Entertainment and Marketing, as well as Finance. Among the directors named are: Richard Dalzell, Karen Dykstra, William Hambrecht, Patricia Mitchell, Michael Powell, Fredric Reynolds, James Stengel and Jim Wiatt. They will join the AOL Board when the separation from Time Warner is complete, with AOL CEO Tim Armstrong serving as Chairman of the Board.

“AOL is very fortunate to have an exceptional group of proven leaders to serve on our board of directors. AOL is on a mission to help create the future of media and content and the AOL Board will play a central part in helping us focus the strategy and also operate the company with the highest ethical standards,” said Armstrong. “These individuals bring independent judgment and a dedication to building shareholder value, and they will be a tremendous resource for our company, our employees, and our future.”

Board members named to date:

Richard L. Dalzell

Richard Dalzell was Senior Vice President and Chief Information Officer of Amazon.com, Inc., until 2007. Previously, Dalzell served in numerous other positions at Amazon, including Senior Vice President of Worldwide Architecture and Platform Software and Chief Information Officer from 2001 to 2007, Senior Vice President and Chief Information Officer from 2000 to 2001 and Vice President and Chief Information Officer from 1997 to 2000. Prior to Amazon, Dalzell was Vice President of the Information Systems Division at Wal-Mart from 1994 to 1997. Dalzell holds a B.S. in engineering from the United States Military Academy, West Point.

Karen E. Dykstra

Karen Dykstra is a partner at Plainfield Asset Management LLC, and has been Chief Operating Officer and Chief Financial Officer of Plainfield Direct Inc. since 2006. Plainfield Asset Management LLC manages investment capital for institutions and high net worth individuals based in the United States and abroad. Plainfield Direct Inc. is a business development company managed by Plainfield Asset Management. Prior to joining Plainfield, Dykstra was the Chief Financial Officer of Automatic Data Processing, Inc., a provider of transaction processing and information-based business solutions, from 2003 to 2006. Dykstra serves on the boards of Plainfield Direct Inc., Gartner, Inc. and Crane Co. She received a B.S. in accounting from Rider University and a M.B.A. from Fairleigh Dickinson University.

William R. Hambrecht

Bill Hambrecht founded and has been Chairman and Chief Executive Officer of WR Hambrecht + Co since 1998. WR Hambrecht + Co is a financial services firm specializing in Internet and auction processes and providing underwriting and advisory services for technology and emerging-growth companies. Before that, Hambrecht co-founded Hambrecht & Quist. In 2007, Hambrecht co-founded the United Football League, which premiered in October 2009. Hambrecht has served as a director of numerous private and public companies and currently serves on the board of Motorola, Inc. He graduated from Princeton University.

Patricia E. Mitchell

Patricia Mitchell has served as President and Chief Executive Officer of The Paley Center for Media, a global non-profit cultural institution dedicated to the discussion of the cultural, creative and social significance of television, radio and emerging platforms, since 2006. The Center also convenes executives of global media companies on business issues and subjects of mutual interest, providing a neutral non-competitive forum. Before that, Mitchell was President and CEO of the Public Broadcasting Service from 2000 to 2006, where she oversaw the digital conversion of 359 public television stations and development of a system-wide digital content initiative. For more than two decades, she was an award-winning journalist and producer, serving as reporter, anchor, talk show host, producer and executive for three broadcast networks and several cable channels. She has served as President of Time Inc. Television and CNN Productions, and was a partner in an independent production company which focused on women’s programming. Mitchell serves on the board of Sun Microsystems, Inc. She holds a B.A. in English/drama and a M.A. in English literature from the University of Georgia.

Michael K. Powell

Michael Powell has served as a Senior Advisor to Providence Equity Partners, a private equity firm focused on media, entertainment, communications and information investments, since 2005. Powell is also Chairman of the MK Powell Group, which focuses on strategic advice in the areas of technology, media and communications. Previously, Powell served as Chairman of the Federal Communications Commission from 2001 to 2005. He also served as the Chief of Staff of the Department of Justice’s Antitrust Division and was an associate with the law firm of O’Melveny & Myers LLP. Powell serves on the boards of Cisco Systems, Inc. and Education Management Corporation. He was also named Chairman of NTT DoCoMo’s 5th U.S. Advisory Board. Powell has a B.A. in government from the College of William and Mary and a J.D. from the Georgetown University Law Center.

Fredric G. Reynolds

Fredric Reynolds was with CBS Corporation and its predecessor companies from 1994 until he retired in August 2009. Reynolds was Executive Vice President and Chief Financial Officer of CBS Corporation from 2005 to 2009. He also served as President and Chief Executive Officer of the Viacom Television Stations Group of Viacom, Inc., and President of the CBS Television Stations Division of CBS, Inc. Before that, he was Executive Vice President and Chief Financial Officer of Viacom, Inc., CBS Corporation and Westinghouse Electric Corporation. Reynolds joined Westinghouse from PepsiCo Inc. Reynolds serves on the board of Kraft Foods Inc. A certified public accountant, Reynolds holds a B.B.A. in finance from the University of Miami.

James R. Stengel

James Stengel has been President and Chief Executive Officer of The Jim Stengel Company, LLC, a think tank and consulting firm conducting proprietary research, generating thought leadership and applying a new framework to drive business growth, since 2008. Stengel is also currently an adjunct marketing professor at UCLA’s Anderson School of Management. Stengel worked at Procter & Gamble from 1983 to 2008, holding a variety of positions including Global Marketing Officer from 2001 to 2008. Stengel serves on the board of Motorola, Inc. He holds a B.A. from Franklin & Marshall College and a M.B.A. from Pennsylvania State University’s Smeal School of Business.

James A. Wiatt

Jim Wiatt has been an independent consultant since June 2009. Wiatt served as Chairman and Chief Executive Officer of the William Morris Agency from 1999 until 2009, overseeing all areas of the entertainment company, including motion picture, television, music, publishing, theater, digital, sports marketing, business development, investments and corporate consulting. Before joining WMA, Wiatt was Co-Chairman and Co-CEO of International Creative Management, a talent management company. A graduate of the University of Southern California, Wiatt is a member of the Board of Councilors of the USC School of Cinematic Arts, former Chairman and current member of the Board of the Los Angeles Police Foundation, and on the Board of Directors of the Music Center of Los Angeles.

On May 28, 2009, Time Warner Inc. announced that its Board of Directors had authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. Following the proposed transaction, AOL would be an independent, publicly traded company. Time Warner has indicated that it aims to complete the proposed transaction around the end of this year.

Does Google need a Hollywood guide?

It may be getting one: Jim Wiatt, the former head of the fabled William Morris talent agency, has been talking to the company about a consulting gig for its YouTube video site.

Wiatt, who is leaving his old job in the aftermath of his agency’s highly contentious merger with the Endeavor agency, discussed the idea with Google and YouTube executives in Mountain View last week, multiple sources said.

Wiatt hasn’t signed a deal and may end up pursuing something else instead, I’m told.

But the role would make sense, given that Wiatt has already served as a de facto guide for Google CEO Eric Schmidt, who has been trying to ingratiate his company with studio and network executives for some time.

(Schmidt has spent enough time in Hollywood to justify plunking down a reported $20 million for an estate in Montecito, a wealthy resort town an hour or so outside of Beverly Hills.)

Google (GOOG) has tried to convince Hollywood to bring more of its content over to the world’s largest video site, but its biggest players have so far resisted, offering the site promotional trailers but little else. Meanwhile Hulu, the joint venture between News Corp.’s (NWS) Fox, GE’s (GE) NBC and Disney’s (DIS) ABC has staked out a reputation as the go-to site for free “premium” movies and TV shows.

Earlier this year, reports surfaced that William Morris and Google had reached a pact that would steer the agency’s high-profile clients to make and star in YouTube videos.

Neither company ever formally acknowledged the so-called “YouTube Gold” program, and it’s not clear if it ever got off the ground. But, in any case, William Morris has more or less been absorbed by onetime rival Endeavor, headed by Ari Emanuel, leaving Wiatt looking for other work.

Wiatt, via a spokesman, declined to comment. YouTube offered up this statement via email: “We are constantly exploring opportunities to reward the talented members of the YouTube community, including helping to distribute their content around the Web and beyond.”

[News Corp. owns Dow Jones, which owns this Web site.]

[Image credit: Sorn]

Was it just me or did you also get a bit of déjà vu upon reading a story today by the New York Times’s Laura M. Holson about yet another mash-up of a Hollywood talent agencies with Silicon Valley VCs.

That’s apparently what is happening with a new investment venture that includes the William Morris Agency, Accel Partners, Venrock and–filling out the unlikely foursome–AT&T (T), as a limited partner.

The focus of the investment fund will be to hand out cash–and, presumably, expertise–to digital media start-ups in Southern California.

While the Times drilled in on the presence of a big cellphone carrier–just the kind of company that my partner Walt Mossberg has dubbed one of the “Soviet ministries” for stifling innovation with overly controlling behavior in the mobile space–I am more focused on the rocky road of many such deals that have been struck in the past.

Now, I think all the players involved are very smart, including Accel’s Jim Breyer, Venrock’s David Siminoff and also William Morris CEO Jim Wiatt (as well as Morris’s Paul Bricault).

That said, a lot of sharpies have gotten sucked up in the past into the this-has-to-be-a-marriage-made-in-heaven dreams of the perfect Hollywood-Silicon Valley pairing.

Today, there are a number of interesting efforts, such as Comedy Central’s deal with the creators of “South Park” to create a joint-venture digital studio, as well as the better-known pairing of Sequoia Capital with the Will Ferrell-led Funny or Die comedy site (see my video interview with Sequoia’s Mark Kvamme about the site below).

And, of course, although nothing was actually settled, the recently ended writers’ strike was all about content revenues that might–or, perhaps more accurately, might not–be coming from digital sources in the future.

But if the past is prologue, this new group of investors might have to learn to be a bit patient.

Breyer acknowledges as much in the Times’s article. “There is always a fear, I know, that the bubble is about to burst when a parade of actors and actresses comes through my door,” he said, before noting, “this time the discussions are much more rational.”

I guess that is why the funding is in the tens of millions of dollars, the article noted, rather than the larger sums that have been spent in previous attempts to forge these kind of tech and entertainment alliances.

In fact, Holson herself penned a very good piece in 2002 about the failure of one much-touted experiment in such an integration–LivePlanet–between celebs Ben Affleck and Matt Damon and Redpoint Ventures.

That company was supposed to be a multimedia wunderkind, straddling the tech and media worlds with all sorts of gizmo-content wonders. One of its debut press releases in 2000 was, in fact, titled: “LivePlanet Unveils Integrated Media Concept–Entertainment Experiences that Span Traditional Media, New Media and the Physical World.”

Now, it is a shadow of that. According to a January article in Variety about the shuttering of its film unit, “LivePlanet evolved into a satellite company that [partner Sean] Bailey, Affleck and Damon would return to when not engaged in their own projects.”

In the 2002 piece, after a series of problems, including the bust of the dot-com bubble, Affleck himself got it dead right.

”If we stick around long enough and convince people we can do these things, we will matter in the new economy. I’d like to slip to the last page to see how it ends. But who knows.”

And, even six years later, who knows?

Here is the Kvamme video, in which he discusses Funny or Die:

But that’s just the feeling I got when I read the always sharp Joseph Menn of the Los Angeles Times, who penned an interesting piece earlier this week about writers in Hollywood turning to venture capitalists as the strike drags on.

Wrote Menn: “At least seven groups, composed of members of the striking Writers Guild of America, are planning to form Internet-based businesses that, if successful, could create an alternative economic model to the one at the heart of the walkout, now in its seventh week.”

That includes meetings with Silicon Valley VCs like Jim Breyer of Accel Partners, whose investment in Facebook gives it insight into the creation of new audiences.

The hope for the–let’s just say it, shall we–unnatural pairing of tech VCs and Hollywood folks?

That the sour lemons being thrown between studios and writers–ironically over future Internet revenues–will actually yield delicious lemonade, spurring the creation of quality online programming using the Internet’s massive distribution system that could also make lots and lots of money.

“Could” is obviously the operative word here, because–as we have noted many times in this column–very little original content created on the Web has had any true payoff yet.

Um, well, none, actually. (Save porn, which is an almost perfect content format for the Web.)

To be fair, there have been promising signs.

Ex-Yahoo exec and Hollywood player Lloyd Braun struck a deal with PepsiCo to pay for and create online content.

MySpace has been backing a range of online-only shows made by Hollywood types (although none has shown strongly increasing popularity and even seem to display worrisome declines in viewership, despite the justified potential touted by creators).

Of course, there’s the high-profile Sequoia Capital-backed and Will Ferrell-fronted FunnyorDie.com, as well as MyDamnChannel.com, from former MTV executive Rob Barnett.

And Viacom agreed this summer to create a new online entertainment studio in a 50-50 split with the creators of the popular “South Park” TV program.

Finally, Creative Artists Agency, which is the biggest talent agency in Hollywood, is apparently working with Silicon Valley VC firm Draper Fisher Jurvetson to raise up to $200 million to invest in the digital entertainment sector, even as other such firms as UTA and William Morris are making similar moves.

While that is a very little amount of money considering the billions of dollars that slosh around Silicon Valley to fund things like dopey widgets and yet another movie-comparison site, it is still a start.

The presumable goal is that by creating and distributing content for the Web in a lower-cost way, many kinds of revenues could be garnered via everything from advertising to getting back investments by selling the online material to television and the movies.

That sounds like a plan, except for the fact that the current state of advertising innovation related to Web videos is quite nascent, even pre-fetal.

While a lot of companies are focusing on this and advertisers seem willing to move in the direction of more online ad spending, it will simply be a long time before these investments pay off.

Which is just not part of the no-risk-and-all-reward mentality of most players in Hollywood, who wouldn’t know a start-up unless it took their prime table at the Ivy.

In all seriousness, it seems unlikely that the high cost of production now in place in the entertainment industry would in any way lend itself to the critical need for that kind of massive shift in economics required to make online content pay off now.

Currently, studios still only grudgingly want to consider sharing ownership of content, and the talent seems even less willing to take the burden of risk required onto its shoulders.

Still, I admire all the efforts on the part of writers to not just strike, but strike out from their current comfort zone and move into the future, where online entertainment production and distribution seems obviously inevitable.

The problem is that it might take a longer while than those creators have patience for and they will prematurely abandon their efforts and return to propping up a system that is destined for, while not oblivion, then certain diminution.

So what’s needed–as in all marriages–is a crazy leap of faith, like this one from “Heroes” Peter Petrelli on NBC.

I am definitely no expert on this topic, except to say that the problem is that the delta between falling flat and succeeding is frighteningly close.

In other words, I Has No Idea what to do.