Verizon Not Pursuing AOL Takeover: CEO

FBN’s Jo Ling Kent takes a closer look at the idea of a joint venture between Verizon and AOL.

Verizon Communications Inc (NYSE:VZ) Chief Executive Lowell McAdam said the company is not planning any major acquisitions, following a report that Verizon had approached AOL Inc (NYSE:AOL) for a potential deal.

"I think AOL along with lots of other media companies are potential for us to do partnering, on a commercial basis or whatever," McAdam said at a conference on Tuesday.

"But to say that we are having significant acquisition discussions is really not accurate," he added.

Bloomberg had earlier reported that Verizon was trying to sign an acquisition or joint venture deal with the digital media company to expand its mobile-video offerings.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Don Sebastian)