New York - Liberty Media (NASD: LINTA), the Colorado-based video and online commerce firm that owns QVC, would be open to exchanging its 2.8% stake in New York-based Time Warner (NYSE: TWX) for the dial-up Internet business of AOL, The Wall Street Journal reported on Tuesday. Liberty said that turning its Time Warner stake into a "cash-generating asset" would be "attractive," but added that no such deal is currently on the table.

Time Warner said last week that will officially separate AOL's dial-up Internet access business from its content and advertising business beginning next year, clearing the way for the possible sale of all or part of the company.

Until now, Earthlink (NASD: ELNK) has been seen as the frontrunner to acquire the dial-up business.

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