Updated with video clips, after the jump, courtesy of AllThingsD:

Following a TMZ video about how brutal this interview is going to be, Time Warner CEO Jeff Bewkes has just done what few manage: stop Kara long enough to get his own talking points across in the midst of the questions: AOL is evolving, AOL content traffic is growing in double digits, AOL has managed to put together Platform-A (NYSE: TWX). Bewkes: “A lot has been done ... We just don’t get the respect we deserve.”

-- Not interested in selling AOL: With Steve Case only a few rows away from the stage, he offers the legal lingo first—“I’m open to all discussions”—then goes both ways. “No, we’re not trying to go around selling (AOL) and yes, we would listen to the right offer that added scale, value, etc.

-- Paid too much for Bebo?: “There’s some question of whether we paid too much for Bebo, and if it’s true, it’s not much to a company our size. I’m not real concerned about that.” More after the jump, with the video clip:

-- Missing social network ground floor: “AOL invented social networking and we should have invented it in the phase. It’s our fault.” Too much focus on the walled garden and protecting subscriptions.

Not so fast: Yahoo’s (NSDQ: YHOO) Scott Moore got up during Q&A to challenge Bewkes on AOL traffic claims based on comScore (NSDQ: SCOR) stats.

Video clip: