A publishing powerhouse has reportedly approached Time Inc about a merger, and the stock is popping

Meredith Corp. has contacted Time Inc. about a potential merger, according to Alex Sherman at Bloomberg.

Time shares spiked as much 11% in trading when the news hit and wire, and they’re currently up over 4%.

Meredith Corporation, based in Des Moines, Iowa, owns magazines including Better Homes and Gardens and Parents and 14 broadcast TV stations that reach around 12 million US households, according to the company website. Time publishes its namesake magazine Time, as well as Sports Illustrated and Fortune.

The current talks rekindle previous discussions from 2013, when the companies discussed a deal to bring the majority of Time’s US magazine titles under Mederdith’s ownership.

The deal was scrapped however. That led to Time (then still owned by Time Warner) spinning off into an independent company.

NOW WATCH: How much money you need to save each day to become a millionaire by age 65

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.