Time Warner shares spiked more than 13% to a 15-month high after The Wall Street Journal reported that the company is in “advanced talks” to be acquired by AT&T.
A deal could be announced this weekend, according to the report.
Bloomberg reported Thursday that the companies were in talks. The discussions intensified after the talks went public and amid AT&T’s concern that other companies such as Google or Apple could make a bid, Bloomberg reported on Friday.
A deal would bring major networks such as HBO, CNN, and TNT under AT&T’s ownership. It signals an attempt by the operator to vertically integrate delivery of content and the content itself.
Time Warner shares gained 13%, to $94.04 per share – the highest level since July 2015 – at noon in New York. Trading of the stock was halted for volatility shortly after the news crossed on Friday.
AT&T shares fell 4%.