NEW YORK - Time Warner says it will unveil a new business strategy for its struggling internet arm AOL early next month.

TW wants to speed AOL's transformation from a dial-up internet service reliant on monthly subscriptions to an advertising-supported portal competing with rivals Yahoo and Google. The switch could lead to the loss of $2 billion in subscription revenue (€1.56bn; £1.08bn) [WAMN: 10-Jul-06].

The company is, however, urging investors and analysts not to draw conclusions before the presentation on August 2.