SAN FRANCISCO (TheStreet) -- Verizon Communications (VZ - Get Report)  is talking to AOL (AOL)  about a deal with an eye towards a potential acquisition or joint venture, according to Bloomberg. The report noted no deal is imminent. 

If true, it makes Verizon the latest potential suitor for the Internet pioneer AOL. Neither company would comment on the Bloomberg report.

Verizon wants to expand into three areas of the Internet, according to Bloomberg -- online content, mobile video and advertising. The telecommunications giant apparently recognizes the value of these potential revenue streams because it has gone as far as assigning three executives the task of expanding its mobile video efforts, the report noted.

Last year, Verizon acquired Intel Media and its set-top box and services OnCue, giving it a beachhead in the Internet TV business. In the previous year, Verizon snapped up EdgeCast Networks, a content delivery network company. Both of these acquisitions push Verizon deeper into the online content delivery business.

An acquisition of AOL could help Verizon in mobile video but also with its mobile advertising effort. AOL is a media company and media companies receive the bulk of their revenue from advertising. AOL has a number of Web sites ranging from Huffington Post to DailyFinance to Engadget, which all include some form of video advertising. Verizon, according to the Bloomberg report, would be interested in a joint-venture with AOL for its advertising technology.
AOL's advertising technology basically automates the purchasing and selling of online advertisements

According to Bloomberg, a joint venture between Verizon and AOL would center on advertising technology.

Besides Verizon, Yahoo! (YHOO) is another potential AOL suitor and some activist shareholders, namely Starboard Value Partners, is pushing for Yahoo! and AOL to merge

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.