AOL shares climbed by nearly 13% in after-hours trading Monday evening, after news broke of a possible joint venture with Verizon.
Bloomberg News, citing anonymous sources, reported that the telecoms giant had approached AOL to discuss a joint venture or an acquisition deal that would expand its video offerings for mobile devices. The sources said that the deal was in its early, speculative stages and no concrete terms had been proposed to date.
AOL’s advertising platform, which automatically matches buyers to sellers, could reportedly be combined with Verizon’s video content. Both companies declined to publicly comment on the deal.