Tony Conrad, CEO and co-founder of Sphere–the contextually relevant content engine AOL bought in the spring of 2008 for upward of $25 million–left the Time Warner online unit last month, several sources have told BoomTown in recent weeks.

But, in an effort by AOL’s CEO Tim Armstrong to hold onto entrepreneurial talent, Conrad has agreed to become “Special Advisor” to its AOL Ventures Unit.

Apparently, he is also mulling a new start-up and remains a VC too.

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When BoomTown went to visit serial entrepreneur Loïc Le Meur early last year at his San Francisco HQ, he was stoked about the prospects of his “video conversation” community start-up.

Fast-forward to today and the entire business plan of Seesmic has been upended, with the video part pretty much junked. Now Le Meur is focused almost entirely on his social media desktop client, as well as Web and mobile versions, which began as a dashboard for Twitter.

If at first you don’t succeed, dump and change again–the motto of Silicon Valley!

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Former Bebo CEO Joanna Shields and Shine Group Chairman and CEO Elisabeth Murdoch have formed a content start-up to produce across media platforms, both online and offline, with a focus on social engagement, according to sources.

The new venture, which does not have a name, is being financially backed by both Shine and Shields.

Based in London, it will invest, develop and partner to create a variety of content offerings that also incorporate interactive and social networking elements.

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Yahoo exec Brad Garlinghouse–famous for his controversial “Peanut Butter Manifesto,” which correctly chided the Internet giant for becoming so lugubrious several years ago–is taking a job at AOL very similar to the one he left at Yahoo last year.

Garlinghouse, who will remain on the West Coast, will be named president of Internet and mobile communications at AOL, putting him in charge of the New York-based Time Warner online unit’s powerful email and instant-messaging properties, including ICQ and AIM.

He will also be, said AOL CEO Tim Armstrong, its “CEO of Silicon Valley for us.”

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It looks like the local market is heating up even more, with MSNBC.com announcing the acquisition of Chicago-based EveryBlock.

Sources said MSNBC.com–a joint venture of Microsoft and NBC Universal–paid several million dollars for the “hyper-local” information site, which is up and running in 15 cities, including New York, San Francisco, Seattle, Chicago and Boston.

In June, Time Warner online unit AOL paid about $10 million to buy Patch Media, a platform that does deeply localized coverage of communities on a range of topics.

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What’s next for AOL?

Reviving the “You’ve Got Mail!” motto?

Or: “The Future. Now Available.”–set to music from “The Jetsons”?

What about: “So easy to use, no wonder it’s #1!”

Or maybe, it should just use a nice loooooooong busy signal as its calling card again?

Well, it could happen, now that new CEO Tim Armstrong has fallen prey to the siren call of the AOL brand name, after years of seeing the company wander in the anything-but-the-AOL wilderness.

Thus, he’s decided to try to welcome the prodigal brand back home, even as he prepares to spin it off in November from Time Warner.

Uh-oh.

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In yet another appointment of an exec close to AOL Chairman and CEO Tim Armstrong, Patch Media CEO Jon Brod has taken over the new venture arm of the Time Warner online unit.

He ran Patch for Armstrong and was president and COO of Polar Capital Group, Armstrong’s private investment company, which is focused on the media, technology and sports sectors.

Now Brod will helm AOL Ventures, a new unit of AOL that Armstrong created as part of a larger new strategy to invest in new things, and he will manage a portfolio of some of its more difficult recent acquisitions.

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Jim Bankoff–the well-regarded former AOL exec who runs an online sports news network called SB Nation–has nabbed $7 million in funding from investors, including Comcast Interactive Capital, said sources.

People familiar with the situation said SB Nation’s post-investment valuation, after this second round, will be $30 million and also include previous investors, such as Accel Partners and Allen & Co.

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Now what?

The party-all-night social-networking site that has been MySpace so far got a massive morning-after shock yesterday when 30 percent of its workforce was laid off.

And today, MySpace, which is still 1,000-strong, has to face the cold, harsh light of day in the aftermath of the restructuring and get busy quickly figuring out a way to reinvigorate a brand that has suffered after a stunning rocket of a start many years ago.

So, based on many sources I have spoken to over the last week, here’s a rundown of the next steps MySpace will likely be taking and who’ll be making them.

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Adding the final leg of its new strategy to reinvigorate AOL, the Time Warner online unit said it was buying two small local start-ups, Patch Media and Going.

Each acquisition–which focus on hyperlocal community news (Patch) and events (Going)–is small, about $10 million.

Ironically, local has previously been a big arena for AOL, which launched its Digital City unit with great fanfare more than a decade ago. AOL still runs Digital City, as well as its CityGuide listing offering.

But, in a move that will surely be scrutinized, Patch is a company whose principal investor has been AOL’s new CEO Tim Armstrong. AOL declined to say how much he had invested in the company, but sources said it was less than $5 million.

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Last year, Yahoo EVP Hilary Schneider and then-Media Group head Scott Moore had a summery seaside dinner with Demand Media co-founder and CEO Richard Rosenblatt in Santa Monica, Calif., right around the corner from the online publishing company’s HQ.

While many speculated that Yahoo could be doing some friendly kibitzing to get a sense of where the eclectic network of general- and special-interest sites was headed, for a possible acquisition, nothing came of it.

But now, a year later, with recent indications that a major strategy for new CEO Carol Bartz will finally follow through on making Yahoo’s massive but disparate service more social, especially in its content offerings, several sources close to the company tell me another look-see at Demand is likelier than ever.

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As has been copiously reported here and all over, Yahoo and AOL have been engaged in never-ending talks about a possible deal to merge their flagging Internet businesses.

Now, sources tell me, the circle of executives at both companies interfacing with each other has been widened, for purposes of due diligence.

That includes Yahoo CEO Jerry Yang, who is in New York this week–where AOL parent, Time Warner, is located–to meet once again with its CEO, Jeff Bewkes, to see if they can actually complete the merger.

Now, all this frantic activity does not mean a deal will necessarily be struck.

But it is just this kind of ramped-up blabbery that has many at both companies predicting that a deal will go through, sooner or later, as soon as Time Warner and Yahoo can agree on a price.

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