Google, Verizon Outline Agreement on 'Net Neutrality' (GOOG, VZ)

The CEOs of Google (NASDAQ: GOOG) and Verizon Communications (NYSE: VZ) presented a joint proposal for an "open internet" Monday. Shares of both companies are higher in afternoon trade.

According to a CNBC.com report, the agreement "mark[s] the latest installment in the months-long saga over network neutrality and non-discrimination in wireline broadband networks."

The companies both said there should be an "enforceable prohibition" on broadband providers being able to discriminate against content on the Internet, a long-standing position held by Google.

"Google is what consumers expect when they think of a robust and vibrant internet, and we want to follow suit," Google CEO Erich Schmidt said.

Verizon Communications CEO Ivan Seidenberg noted the recognition "that wireless is a different world than the wireline world -- wireless has different technologies, different interplay between different devices and the network. We're worried that too many rules will hamper our ability to optimize our network, but a transparency requirement would be a very good thing."

The two corporate giants differentiated in the stance between wireline and wireless broadband providers, saying that the proposed rules should not apply to wireless, "in part because the mobile marketplace is more competitive and changing rapidly."

Shares of Verizon are higher by more than 1% today, to $29.88. Google is up 0.75% to $504.01.