On Monday, Bloomberg reported that Verizon had approached AOL about an acquisition or joint venture. Verizon had not made a formal proposal, Bloomberg said.
"I think AOL, along with lots of other media companies, are potential for us to do partnering, commercial basis or whatever," McAdam said at the Citi Media Conference on Tuesday. "But to say we are having significant acquisition discussions is not accurate."
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Verizon shares were little changed in Tuesday morning trading while AOL shares were up nearly 3 percent.
AOL declined to comment on the reports of merger discussions.