ONE year from now, almost to the day, will mark the 10th anniversary of the announcement of what could be the worst corporate marriage in history, the union of America Online and Time Warner.

And still the effects are being sifted.

The latest blow came in the form of a $25 billion write-down Wednesday by Time Warner to reflect the declining value of AOL. That came alongside worse, but just as familiar, news: that the performance of AOL and Time Inc., the company’s other ailing arm, which publishes magazines like Fortune, Time and Sports Illustrated, is weak and will result in worse-than-expected earnings at the company when it reports 2008 numbers on Feb. 4.

AOL and Time Inc. have been twin encumbrances for some time; before Wednesday, Time Warner had already taken more than $100 billion in write-downs to reflect the steady erosion of value at AOL. The corporate narrative that is Time Warner recalls the film “Groundhog Day”  an endless loop of the same story, over and over.

It’s rather boring, but boring is something many corporate executives and shareholders would gladly sign up for right now.