Life to go after Parade?

Stories ran yesterday about Time Inc developing Life, the defunct magazine, into a photo-driven newspaper insert that could compete with Parade, the Advance Publications newspaper insert/magazine., and with USA Today’s insert, owned by Gannett. Time Inc is reportedly testing the product with newspaper owners to gauge interest before deciding to move ahead.
If they do move ahead, will the web site be AOL-only?
(Full disclosure: I ran the new media business at Parade before I moved to Netscape/AOL)