AOL is still in the game.

The media world’s attention may be focused on Microsoft-Yahoo, and conventional wisdom is that Time Warner will probably spin or sell off part or all of the company, but AOL announced yet another small but not insignificant acquisition on Tuesday.

Buy.at, a network in which advertisers pay Web publishers when a visitor takes an action in response to an ad, is AOL’s fifth acquisition in the last 12 months. Other recent AOL purchases include online Q&A provider Yedda and advertising technology firm Quigo . The latter deal was worth about $340 million, according to a source familiar with the matter, and AOL CEO Randy Falco told Reuters that Quigo was “the last big piece” he needed.

On the eve of Time Warner’s first-quarter results, when new CEO Jeffrey Bewkes is expected to discuss restructuring plans, investors will soon find out what the future holds for AOL. His decision will determine whether AOL is ready to stand alone once more, or if a few more pieces are needed first.