Verizon CEO Lowell McAdam at an Internet conference on Monday said he was “not that shocked” by the recently revealed hack of Yahoo’s email system.

According to a report from CNBC, McAdam told attendees at the Internet Association’s Virtuous Cycle 2016 conference it’s unrealistic to expect personal information put out on the Internet to be completely safe.

“(It’s) certainly not anything we wanted to have happen," McAdam said. "Certainly we're going to do everything we can to fortify ourselves. But I think people are beginning to realize this is part of the way the internet operates.”

The comments came in the context of revelations a 2014 breach of Yahoo’s systems exposed the personal information from more than 500 million user accounts. The news emerged several months after Verizon agreed in July agreed to acquire Yahoo’s assets for $4.83 billion. Verizon indicated it was not told about the breach before the deal was made.

McAdam said an investigation into the incident was a little more than halfway complete.

McAdam on Monday also sought to fend off reports the carrier is seeking a discount on its Yahoo purchase price in the wake of the revelations, calling them “total speculation.” However, McAdam said the carrier is still working to understand “what was going on” and determine whether it represents a “material impact to the business.”

McAdam, though, reassured that Verizon is still very much interested in pulling Yahoo into the fold.

“The industrial logic of doing this merger still makes a lot of sense,” McAdam said. “I’m hoping we can get through all this stuff and get to the close.”

McAdam’s continued interest in Yahoo isn’t really a surprise given the dangling carrot of expanding its reach into the billions of users.

Verizon Executive Vice President Marni Walden last month said the combined reach of AOL and Yahoo will extend into the billions of eyeballs. According to Yahoo CEO Marissa Mayer, that could put Verizon on track to hit its goal of two billion users and $20 billion in revenue from its media business by 2020.

McAdam has previously said the merger is part of Verizon’s plan to become a significant player in the media business alongside the likes of Google and Facebook, and appeared to reiterate that vision on Monday.

“We’ll see how AOL and Yahoo come together, but I think that entity can be easily one of the top three,” McAdam said.