UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No.     )*

AOL Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00184X105

(CUSIP Number)

Stephen D. Brook, Esq.

Burns & Levinson LLP

125 Summer Street

Boston, Massachusetts 02110

(617) 345-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

November 2, 2012

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

This statement relates to the common stock, par value $0.01 per share (the “Shares”) of AOL Inc. (the “Issuer”). The address of the principal executive offices of the Issuer is 770 Broadway, New York, New York, 10003.

Timothy M. Armstrong (“Mr. Armstrong”)

Armstrong Family Investment LLC, a Delaware limited liability company (“AFI”)

Polar Capital Group, LLC, a Massachusetts limited liability company (“Polar Capital”)

AFI’s and Polar Capital’s business address is c/o Greenwich Investment Resources LLC, 30 Nagog Park, Suite 210, Acton, Massachusetts 01720.

514,300 Shares beneficially owned by Mr. Armstrong through his ownership of AFI were purchased by AFI in open market purchases. 481,300 Shares beneficially owned by Mr. Armstrong were purchased in open market purchases. The aggregate purchase price of the 995,600 Shares was approximately $21,125,847.80 based on the weighted average price of the Shares acquired in the open market purchases.

The 194,857 Shares beneficially owned by Mr. Armstrong through his ownership of Polar Capital were received by Polar Capital as consideration related to the acquisition of Patch Media Corporation by the Issuer’s predecessor-in-interest.

The remaining 3,584,086 Shares beneficially owned by Mr. Armstrong were issued to Mr. Armstrong by the Issuer in the form of restricted stock units and stock options.

Mr. Armstrong and AFI purchased the 995,600 Shares based on Mr. Armstrong’s belief that the Shares represented an investment opportunity in the Issuer’s business. AFI purchased 466,300 of the Shares on May 4, 2010 and 48,000 of the Shares on May 5, 2010. Mr. Armstrong purchased 4,300 of the Shares on May 5, 2010 and 477,000 of the Shares on February 11, 2011. The Reporting Persons became the beneficial owner of more than 5% of the Issuer’s stock due to a reduction in the total number of Shares outstanding as a result of Share repurchases made under the Issuer’s stock repurchase program. The Reporting Persons do not have any plans or proposals which relate to or would result in:

514,300 Shares are held in the name of AFI. AFI has the sole power to vote and dispose of the Shares that it holds directly. As the direct controlling member of AFI, Mr. Armstrong has the sole power to direct the vote and disposition of the Shares held by AFI.

194,857 Shares are held in the name of Polar Capital. Polar Capital has the sole power to vote and dispose of the Shares that it holds directly. As the direct controlling member of Polar Capital, Mr. Armstrong has the sole power to direct the vote and disposition of the Shares held by Polar Capital.

4,065,386 Shares are held in the name of Mr. Armstrong. Mr. Armstrong has the sole power to vote and dispose of the Shares that he holds directly.

The following documents and descriptions regarding contracts, arrangements, understandings or relationships with respect to securities of the Issuer are herein incorporated by reference:

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Exhibit 1

AGREEMENT TO FILE JOINTLY

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of shares of common stock of AOL Inc. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.