Time-Warner's president said Wednesday that the media company isn't looking to split off AOL, and instead may expand the online service to compete with social-networking sites such as MySpace.

"There's no reason we shouldn't be a leader in social networking," Time Warner President and Chief Operating Officer Jeff Bewkes said, speaking at an investor conference on Wednesday, Business Week reports. Bewkes added that AOL may expand the property's social networking capability through acquisitions. While such a move is not imminent, he said, AOL "is in a good position" to make an acquisition.

Bewkes also stated that AOL's pageviews, which the company uses to set advertising rates, have stabilized. "We've stopped losing pageviews, those are stabilizing and that's a key reason the advertising revenue is there," he said.

When asked if AOL could itself be sold, Bewkes said Time-Warner is keeping its options open for the long term, but AOL isn't now for sale. "There's too much upside for us to (sell it) right now." he said.