COMPANY TOWN : Turner Board ‘On Call’ for Meeting on Merger : Media: Proposed deal with Time Warner could be announced Monday. Sources say key sticking points apparently resolved.

The board of Turner Broadcasting System Inc. could meet as early as Sunday to discuss the proposed $8-billion merger by Time Warner Inc., according to sources close to the negotiations.

One source said board members are “on call” for Sunday and that a deal, which has been in discussions for almost a month, could be announced as early as Monday.

The stocks of both companies rose for a third day on Thursday. Turner Class A shares were up 12.5 cents to $29.875 on the American Stock Exchange, and Time Warner shares rose 25 cents, to $40.75 on the New York Stock Exchange.

It was unclear what issues were resolved in face-to-face talks on Wednesday in New York between Time Warner Chairman Gerald Levin and John Malone, the chief executive of Tele-Communications Inc., who, as one of three holders of Turner voting shares, has the power to veto the merger.

But sources said it appeared that Malone had given way on his demand that Time Warner waive its “poison pill” provision preventing any shareholder from accumulating more than a 15% stake. That would be a triumph for Levin, who sources say is already putting himself in a vulnerable position by virtue of the power wielded by Ted Turner and Malone, who together would own about 20% of the combined firm.

Sources said issues regarding the carriage of Turner programming on Malone’s cable systems were also resolved.