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Edition: U.S. Article Comments (0) Slideshow Global Technology Summit Mobile generation upends tech AT&T plans consumer security service for 2012 AOL expands local news network in U.S. Samsung sees better LCD performance; no big investments Dodd-Frank hurt mobile payment system plans: AT&T Social network Viadeo shelves IPO plan AT&T: No room for both Clearwire and LightSquared Smartcard maker Gemalto bets on security Comment: Stay tuned for “Streak” Follow Reuters Facebook Twitter RSS YouTube Read WRAPUP 10-IMF chief denied bail, jailed in sex assault case 16 May 2011 Historic Vicksburg, Mississippi faces flood siege | 16 May 2011 UPDATE 1-RIM nears 2-year low after recalling some Playbooks 16 May 2011 HP to pull trigger early on results after CEO memo 12:13am EDT Cathay emergency landing triggers investigation 16 May 2011 Discussed 134 Son says bin Laden sea burial demeans family: report 96 Texas county official says ”stupid” feds sparked fire 76 Israel-Palestinian violence erupts on three borders Watched Fire ants form rafts to defy floods Tue, Apr 26 2011 Boot camp for rebels in Libya Sun, May 15 2011 Shuttle Endeavour blasts off Mon, May 16 2011 AOL says no thanks to private equity Tweet Share this By Jennifer Saba and Nadia Damouni NEW YORK (Reuters) - Here's one deal AOL won't do: go private. AOL Chief Executive Tim Armstrong struck down the idea that it would pursue a deal with private equity firms similar to the deal contemplated last... Email Print Related News AOL expands local news network in U.S. Mon, May 16 2011 Top quotes from Global Technology Summit Mon, May 16 2011 Social network Viadeo shelves IPO plan Mon, May 16 2011 Wall Street's second weekly fall raises fear of retreat Fri, May 13 2011 Yahoo battle with China's Alibaba intensifies Fri, May 13 2011 Analysis & Opinion Tech Summit Q&A, day 1: AOL’s Tim Armstrong, Arianna Huffington Deals wrap: Nasdaq, ICE drop NYSE bid Related Topics Technology Home » Media » 1 / 2 Arianna Huffington, president and Editor-in-Chief of The Huffington Post Media Group, speaks during the Reuters Global Technology Summit in New York, May 16, 2011. Credit: Reuters/Brendan McDermid By Jennifer Saba and Nadia Damouni NEW YORK | Mon May 16, 2011 10:25pm EDT NEW YORK (Reuters) - Here's one deal AOL won't do: go private. AOL Chief Executive Tim Armstrong struck down the idea that it would pursue a deal with private equity firms similar to the deal contemplated last fall that would have combined it with Yahoo. "We are not focused on a private equity deal now," AOL Chief Executive Tim Armstrong said during the Reuters Global Technology Summit in New York. "We are focused on a turnaround and we're pretty excited about the business overall." Despite having been burned over the past decade on a string of deals gone sour -- Bebo, purchased for $850 billion, was sold for $10 million -- the now independent company has been on a shopping spree. It has snapped up the popular news site Huffington Post and influential technology blog TechCrunch. "We would opportunistically add more assets to the platforms that we thought would be really successful," Armstrong said. Last fall, AOL was in talks with several private equity firms to acquire Yahoo, contingent on Yahoo selling its prized Asian assets, which include a 40 percent stake in China's Alibaba Group. Relations between Yahoo and the Alibaba Group strained further last week over the sequence of events involving the transfer of one of Alibaba Group's main assets, its online e-commerce payment system similar to eBay's PayPal, Alipay. AOL's Armstrong said the company wants to remain independent. Since taking the helm of the troubled AOL in April 2009 and overseeing a spin-out from Time Warner, Armstrong has been trying to shape the company into an online media and entertainment destination. AOL is investing heavily in Patch, a local news network launched in more than 830 communities in the United States [ID:nN16294379], and rolled out a professional division to attract government, energy and defense executives. [ID:nN15203120] "I hope you don't think we have done any 'Hail Mary's,'" Armstrong said, using a U.S. football phrase describing a last-ditch attempt to win a game. "Arianna's company is the best social distributor of content, has some of the most addictive and obsessive content on the Internet." AOL bought the Huffington Post, launched by Arianna Huffington in 2005, for $315 million. Dial-up access still represents roughly 40 percent of AOL's revenue, and Armstrong said he has no plans to rid the company of that division. "If we look at our vision of being highest quality, highest scale digital media player and brand advertising player, we have many of the components from a structural standpoint," he said. "We still have a rule of no 'Hail Marys.'" (For other news from Reuters Global Technology Summit, click here) (Reporting by Jennifer Saba and Nadia Damouni; Editing by Gary Hill) Technology Home Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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