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This article reports that twenty years after its formation America Online Inc. (AOL) has reinvented itself as an Internet portal and is reaping the rewards of its brand name, a dual revenue stream and two decades of experience. The new package is compelling enough to have attracted serious interest from third-party investors. During the past few months, AOL has been sequestered in backroom meetings trying to hammer out a deal with one of several suitors, among which the front-runners seem to be Google Inc. and Microsoft Corp. The change, which also redirected AOL's primary revenue focus from subscriber fees to advertising, came after years of frustrating declines in membership and complaints by investors and analysts. INSET: The Medium Is the Instant Message.