CEO Lowell McAdam said Tuesday the company has "no interest" in being a traditional TV network, focusing instead on digital media assets and investment in 5G wireless service.
Verizon was previously reported to have made an offer for the Fox assets, but ultimately lost out to Disney. Comcast earlier this month challenged that proposed purchase, preparing an all-cash offer of $60 billion, according to CNBC sources.
"We have looked at these assets over the period of time. We've made the decision that digital is the way for us to go," McAdam said.
Verizon's original bid was rejected because it offered to acquire Fox at market value, without a meaningful premium, according to a recent joint regulatory filing by Disney and Fox.
McAdam said Verizon is "plowing money" into the development of 5G, which he said will "usher in the fourth industrial revolution for this country."
"Our strategy is to get digital content out there over the fastest pipe we can at the lowest cost and that's why 5G makes so much sense," he said.
—CNBC's David Faber contributed to this report.