Can Meebo Save Time Warner?

Time Warner (TWX) is on the descent. Meebo is a rising hot web company. And neither of them have any idea how to make money. What a perfect match.

And so it goes. Meebo announced Wednesday night that it will get $25 million in funding from a group led by Time Warner, valuing Meebo at more than $200 million. Now, I love Meebo and use it every day. I wrote this week about how I hope it pulls Facebook Chat into its offering. But Meebo is still trying to figure out its profit-making model and it's beyond a lot of people how it could be worth that much money.

Then again, Xiaonei, "the Facebook of China," this week raised $430 million. Maybe it's all one last gag from the guy who invented LSD.

Anyway, Time Warner needs help. Maybe Meebo will provide it...