Time Warner Inc. (NYSE: TWX) has received the required clearance to acquire Tacoda Inc., a company that targets ads based on a web user's browsing habits. There is no issue with this deal clearing. Time Warner could acquire 100 companies like this and the Federal Trade Commission and Department of Justice would rubber stamp every single deal.

It is almost funny that the two recent big media and online buys -- Microsoft Corp. (NASDAQ: MSFT) has bought aQuantive and Google Inc. (NASDAQ: GOOG) has acquired DoubleClick -- are still being reviewed by some. Those purchases cannot be reversed.

Back to Time Warner and AOL: AOL has found itself in a predicament over backing away from prior estimates for "faster than market growth" for its search-related advertising sales. But if you look back at last month's comScore numbers, as we pointed out earlier, you will realize that AOL has a massive reach through its Advertising.com division. Any such deal that can incrementally ad both new advertising groups and that can reach more people will be an opportunity for incredible advertising leverage.

It's hard to cover a company like Time Warner one unit at a time. Many in the media still want to only cover negative aspects of the company, and considering it is a shot at bashing a competitor it is hard to blame them. Just last week, AOL launched Truveo. AOL may be its own entity next year if my thought process is accurate and the clouds drift the way they have historically. This will allow it to keep adding small strategic plays that can help grow both AOL and the other Time Warner brands. That will be a winning recipe for the company, and should be a winning recipe for shareholders.

Jon Ogg is a partner at 24/7 Wall St, LLC. He produces the 24/7 Wall St. Special Situation Investing Newsletter and does not own securities in the companies he covers.