AOL has hired a pair of New York investment bankers, Morgan Stanley and Allen & Co., to manage the sale of its ICQ instant-messaging unit.

Sources familiar with the situation said interest in buying the asset from two major non-U.S. companies prompted execs at the online service to put a process in place for a deal that will likely occur after AOL becomes an independent company in December.

AOL bought ICQ in 1998 for about $400 million–$287 million outright and $125 million in earnouts for the team.

Sources said AOL to looking to recoup $300 million.

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Yahoo has hired a new head of mergers and acquisitions–former General Electric M&A exec Andrew Siegel, who will now be VP of corporate development.

Yahoo CFO Tim Morse dropped the news with no details about that title in an interview with The Wall Street Journal about the Silicon Valley Internet giant’s third-quarter earnings.

One question apparently not answered was what exactly is the status of its current top M&A exec, Greg Mrva–who has had the title Siegel now has posted on his LinkedIn profile–as well as that of VP of mergers and acquisitions more recently.

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Here come more tech earnings this week, as investors hope the industry can help goose a still shaky economy.

But while the tech industry is healthy, relatively speaking, they probably should not hope too hard to be soaring anytime soon on Silicon Valley’s digital flying carpet.

In other words, down is still the new up.

In any case, on deck this week: IBM, Yahoo, Apple and Microsoft.

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Yesterday, TechCrunch’s U.K. blogger Mike Butcher spun the tale of buyer’s remorse run amok with a report that Time Warner online unit AOL was “seriously considering selling Bebo, the social network it acquired for $850 million only a year ago,” citing poor performance and a bad advertising market.

Later, AOL went on the record saying “there is no truth to this rumor,” although Butcher insisted otherwise from his sources.

Well, actually, no. While Time Warner was crazy to pay that much for Bebo, it is not quite that nuts to sell it for bupkis.

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That is all.
Wait, not all. The report that it has signed a bill of sale earlier this week that “definitely happened”: It definitely did not.
What is true: Bebo is raising money and it is open to selling and there has been interest. But, in two words: No sale.
Nonetheless, TechCrunch, the popular tech blog that has [...]

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