BUSINESS

Verizon Not Pursuing AOL Takeover, CEO Says

FILE - In file photo taken Aug. 21, 2010, a Verizon sign is shown at New Meadowlands Stadium in East Rutherford, N.J. On Tues
FILE - In file photo taken Aug. 21, 2010, a Verizon sign is shown at New Meadowlands Stadium in East Rutherford, N.J. On Tuesday, Jan. 14, 2014 a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit affirmed that the FCC had authority to create open-access rules. But in a setback for the Obama administration's goal of Internet openness, the court ruled that the FCC failed to establish that its 2010 regulations don't overreach. Under so-called net neutrality rules adopted in 2010 by the Federal Communications Commission, wired broadband providers such as Comcast, Time Warner Cable and Verizon were barred from prioritizing some types of Internet traffic over others.(AP Photo/Peter Morgan)

(Reuters) - Verizon Communications Inc Chief Executive Lowell McAdam said the company is not planning any major acquisitions, following a report that Verizon had approached AOL Inc 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)

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