AOL is losing money on itself, too. In the last five years its valuation (what people think it might be worth if sold to another entity) has dropped from the $20 billion Google pegged it at in 2005 to a mere $4 billion to $4.3 billion, according to several analysts.
If you cancel AOL but can’t get them to stop billing you, how does this affect you? It doesn’t. It can be hard to fight AOL for your money back, but it can be done. In the meantime, you can comfort yourself with thoughts of karmic retribution visited upon the company by itself, which has seen it’s value sliced, diced and basically diminished to nothing over the years by its own mismanagement.