Matsushita in MCA Buyout Talks : Media: The studio’s stock soars from $23 to $57.50 in early trading. The value of the deal is put at about $7.5 billion.

Japan’s Matsushita Electric Industrial Co. today said it has been in talks about buying MCA Inc., one of the U.S. entertainment industry’s biggest names, a purchase that would give it the studio that made “E.T.” and “Miami Vice” and other valuable media properties.

MCA stock soared $23 to $57.50 in early trading as Wall Street bet that some deal would be completed. A deal could be worth about $7.5 billion, according to some reports.

MCA today confirmed that it is in “friendly” talks with a “major international company” but would not identify the suitor.

Earlier in Tokyo, however, a Matsushita spokesman said the Japanese company has held acquisition talks with MCA but that no agreement has been reached.

“There have been various talks of this nature with MCA, but nothing has materialized as of today,” the spokesman said.

If a deal goes through, it will be the second time in two years that a Japanese consumer-electronics company has bought a U.S. entertainment concern. Last year, Sony Corp. bought Columbia Pictures Entertainment for $5 billion.

MCA produces and distributes movies and television shows from its Universal Studios subsidiary, owns Putnam Publishing Group, produces and publishes records and music and has various cinema and theme park interests.

MCA has been subject to takeover talk before, particularly with Paramount Communications, another U.S. entertainment conglomerate.

Owning a movie and television studio and a recording concern would be an obvious fit for Matsushita, which manufactures video and audio equipment as well as other consumer appliances.

MCA has been having a tough time recently, with second-quarter earnings dropping 8%. Analysts were predicting, however, that the third quarter could be better, mainly thanks to improved performance from movies, television and videotapes.

Matsushita’s conglomerate, with annual revenues of nearly $45 billion, includes Panasonic and Technics brands.