Now that Yahoo CEO Carol Bartz is fired, AOL's chief executive Tim Armstrong has reportedly approached Yahoo about a possible merger. Armstrong asked Bartz last year, but she turned him down. Both AOL and Yahoo are struggling to regain their places at the top of Internet business. At its peak, Yahoo was worth $80 billion. Now, suffering from the rise of Google and Facebook, it is worth only $17 billion. AOL is valued at only $1.68 billion and has lost almost $800 million since it left Time Warner in 2009. Bother are also dealing with controversies lately, with Yahoo's sudden ousting of Bartz and AOL's shifting messages regarding the firing of TechCrunch's Michael Arrington.