AOL CEO Tim Armstrong today called AOL a "sideshow" in activist investor Starboard Value's effort to pressure Yahoo CEO Marissa Mayer into increasing the value of its stock.

He made that remark during a joint appearance with Publicis Groupe CEO Maurice Levy.

They spoke in an Advertising Week session held at the Times Center Stage in the headquarters of the New York Times.

Levy prompted Armstrong's comment by asking a question "about his relationship with Marissa." The two had worked together at Google.

Armstrong said the financial squabble is a matter for Starboard and Yahoo. "It's a non-factor for AOL," according to Armstrong. His focus is driving AOL's strategy and growth.

Starboard, a former investor in AOL, wants Yahoo to "monetize" the billions of dollars received by Yahoo with the sale of its 140M shares of China's Alibaba, the e-commerce giant.