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 had reported Thursday that the companies are in talks. The discussions intensified after the talks went public and amid AT&T’s concern that other companies like Google or Apple could make a bid, Bloomberg reported on Friday.
A deal would bring major networks like 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%.