As AOL Time Warner contemplates how to deal with first-quarter losses, reports are circulating that the Internet/cable/TV giant could sell its minority stake in Time Warner by selling stock in the cable arm. According to a Wall Street Journal report, such a move would create a publicly traded entity valued at $45 billion in stock.

Speculators say the company hopes that offering the stock would help resolve the dispute between AOL and AT&T regarding their cable partnership venture known as Time Warner Entertainment. It could provide a way for AOL to pay AT&T for its 25.5% stake in the company, without having to pull from its own pocket. If the matter remains unresolved, it could cost AOL $10 billion owed to AT&T.

Sale of the TW stock is only one of a number of restructuring ideas AOLTW executives are pondering, as current Co-COO Richard Parsons prepares to succeed Gerald Levin as chief executive on May 16.