Jim Wiatt, the subject of much speculation after a bruising exit from William Morris Endeavor last year, will be joining the Internet portal AOL as a strategic advisor to develop content partnerships across 
media and entertainment.
Wiatt was already on the AOL board, and will be leaving as he takes an active (though not full-time) position with the company.
He will report directly to CEO Tim Armstrong, with whom he is known to be close.
Update:
In an interview with TheWrap, Wiatt said he would be looking to strike partnerships with content creators.
"The idea is to try to work with some bigger companies and content creators to create content, but also do deals with companies that own content," he said.
Wiatt said he planned to work frequently out of AOL's Beverly Hills and New York offices.
For AOL, the move takes the portal deeper into a full-blown strategy to pursue original content.
The portal has made a big push into creating news content; Wiatt seems likely to be instrumental in finding deals to create entertainment-oriented content.
In a prepared statement Armstrong said Wiatt would spend "more of his time creating partnerships for AOL as we expand our focus on developing original content. Jim moves among the great content creators of our day, and his expertise in recognizing opportunities and structuring relationships is exactly what we need."
For Wiatt, the position gives him a much-needed new perch after the merger of William Morris Agency with Endeavor Talent Agency last year, in which he emerged the loser.
Wiatt exited the company he ran just three weeks after the merger, in May 20009, which has since been run by former Endeavor chiefs Ari Emanuel and Patrick Whitesell.
Since then, there has been much speculation about where Wiatt might next land.
Said Wiatt on Wednesday: "Everything and anything is open, but there's only so much time. We really want to focus on important strategic relationships."
The company made the announcement on Wednesday.
Here's the full press release:
AOL NAMES JIM WIATT AS STRATEGIC ADVISOR
Wiatt Will Serve as Consultant, Stepping Down from AOL Board to Take on New Role
New York, NY – September 8, 2010 – AOL Inc. [NYSE: AOL] announced today that Jim Wiatt, former chairman and chief executive of the William Morris Agency, will assume the new role of strategic advisor to AOL.
Wiatt, who will report directly to Chairman and CEO Tim Armstrong, will advise the company on a wide range of issues, helping to expand AOL’s development of content, partnerships and relationships across the entertainment and media worlds. Wiatt is stepping down from AOL’s Board of Directors to take on the new role, which he will begin immediately.
“Jim has made outstanding contributions to the AOL Board, but we are grateful to now have more of his time creating partnerships for AOL as we expand our focus on developing original content,” said Armstrong.
