"Verizon's about to take over as dumber from AT&T. I make that prediction," he told CNBC's "Squawk on the Street." "In next six months, they're going to do some stupid acquisition. Millennials still will hate them."
Legere said he believes Verizon has invested billions to acquire "junk."
The telecom giant purchased AOL last year for $4.4 billion, saying the acquisition would further its strategy to build out its LTE wireless video and streaming video strategy. AOL's advertising unit, which has outpaced revenue growth among its content brands, is also seen as a valuable asset.
Verizon is also believed to be on the shortlist of potential buyers of beleaguered internet portal Yahoo. Like AOL, Yahoo not only produces content, but is also a significant player in digital advertising.
"Verizon makes no excuses for investing in future growth," Bob Varettoni, executive director of media relations at Verizon, told CNBC. "Our goal is long-term shareholder value, based on a diverse and healthy cash flow. We use that cash to re-invest more than $17 billion in capital each year to provide customers with great networks, and great new services that take advantage of those networks."