Is Yahoo, which will reap billions from an early investment in Alibaba when the Chinese e-commerce giant goes public this summer, going to pursue an often-rumored merger with AOL? Matchmakers have speculated about the possibility of a merger between Yahoo and AOL for the last couple of years. The rumor mill recycled the story recently after Yahoo CEO Marissa Mayer and AOL CEO Tim Armstrong -- both former Google executives -- were spotted having late-night drinks at a media and technology conference last week. But such a tie-up is complicated. While both companies see potential benefits, Mayer has her doubts, according to a report published Monday by Recode. The report said that while Armstrong is pushing for a merger, Mayer finds the idea of the merger "small, unexciting, uninspiring and backward-looking."