AOL shares jump on Verizon speculation

SAN FRANCISCO -- AOL shares jumped on a report that Verizon Communications has approached the New York Internet company about an acquisition or joint venture.

Shares were up 12% to $50 in after-hours trading.

Verizon is looking at ways to expand its mobile video offerings, Bloomberg News is reporting.

Verizon would combine its mobile video content with AOL's technology that automates the buying and selling of ads online.

Verizon declined to comment. AOL also declined to comment.

No formal acquisition offer has been made and a deal is not imminent, according to the report.