AOL has re-launched their site in hopes of becoming a media network. This took place along with AOL’s 3^rd quarter revenue report on Wednesday—an event that does not excite investors due to the weakening ventures of the organization. Their dial-up core segment already died with competition and the company has continuously lost its streak in the advertising business.

While these are all slapping AOL’s financial capabilities and core business, Tim Armstrong (CEO of AOL) delivered a brave speech and tremendous effort in presenting to the public AOL as a future content focal point. Armstrong was very excited to tell everyone in attendance that the new management is diverting its assets to new advertising strategies and business; “Project Devil” as an evidence of that.

The report was able to capture Armstrong’s statement: “The new version–with a clean and spare design and a rotating logo–prominently features local news, video and content from AOL’s network of sites, such as Engadget.”

Despite constant upgrades, updates and changes towards rebranding, AOL is obviously losing its traction. To prove this claim, reports have noted that Glam Media is gearing up to overthrow AOL in its current position at the number 5 rank (after Google, Yahoo!, Microsoft and Facebook) in U.S. Web Property. The company also announced recently the sale of a portion of the Dulles Campus. This is a clear indication of revenue loss for AOL.

In the same interview, Armstrong avoided to drop any comments on questions if the rumor buy-out from Yahoo! will materialize any time soon. Wall Street may have to wait for a little more time before the long-suffering company succumbs to all negative expectations. The buy-out surfaced after numerous cuts and lay-offs that had happened within the organization.