AOL Chairman and CEO Armstrong speaks during the Reuters Global Technology Summit in New York
Tim Armstrong, AOL Chairman and Chief Executive Officer, speaks during the Reuters Global Technology Summit in New York, May 16, 2011. REUTERS

AOL Inc does not plan to buy any of Yahoo's assets, AOL's chief executive said on Monday.

Speaking at the Reuters Global Media Summit, AOL's Tim Armstrong reiterated the company's strategy of staying independent and growing its ailing brand, known for its dial-up services, into a media powerhouse dependent on advertising revenue.

Since Armstrong took over as CEO of AOL in 2009, the company has made flashy acquisitions including political blog Huffington Post and the technology blog TechCrunch.

Armstrong said that TechCrunch's valuation has only gone up since AOL took it over more than a year ago for what a source said at the time was about $30 million.

(Reporting by Jennifer Saba and Yinka Adegoke. Editing by Peter Lauria)

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