TED'S EXCELLENT ADVENTURE

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After spouting wisdom all year about how America Online is really an entertainment media company, Ted Leonsis now has to pull money from where his mouth is.

In his new role as president of AOL Studios, a content development unit of AOL, Mr. Leonsis is charged with making big Web-to-TV deals with TV companies. He's also angling to get multimillion-dollar sponsorships for all this content. Mr. Leonsis' company will sell its stuff to AOL or anyone else who wants to buy it.

We thought being in the hot seat as president of AOL (his former title) was tough. Now, Mr. Leonsis is no longer king of the hill, but merely one of millions trying to make it to the top.

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