Verizon Approaches AOL about Possible Takeover

Verizon Communications approached AOL about a potential acquisition or joint venture to expand its mobile-video offerings, Bloomberg reported on Monday, citing people with knowledge of the matter.

AOL shares surged on the news in premarket trading Tuesday. (Get the latest quote here.)

Verizon has not made a formal proposal to AOL, and no agreement is imminent, Bloomberg said, citing people who asked not to be named.

A joint venture, if formed, would focus on advertising technology, Bloomberg cited one of the people as saying.

More