Report : Verizon Enlists AOL CEO Armstrong To Explore Yahoo Deal

(RTTNews) - Verizon Communications Inc. (VZ) has given Tim Armstrong, chief executive officer of its AOL unit, a leading role in exploring a possible bid for Yahoo! Inc. assets, Bloomberg reported citing people familiar with the matter.

The largest U.S. phone carrier hasn't hired bankers to conduct an offer and there have been no formal talks. Still, as Yahoo sorts out its strategy, Armstrong is taking a lead in preliminary discussions, the report said.

Last week, Yahoo said it began to explore divesting non-strategic assets, including patents, real estate, and other non-core assets. The company estimated the sale could generate between $1 and $3 billion in cash.