Advertisement

AT&T may buy Time Warner this weekend — and Time Warner stock is surging

AT&T may buy Time Warner this weekend — and Time Warner stock is surging
Time Warner Chief Executive Jeff Bewkes attends the Cannes Lions International Festival of Creativity on June 24, 2015, in Cannes, France. (Francois G. Durand / Getty Images)

Shares of media giant Time Warner Inc. jumped Friday morning following a report that telecommunications firm AT&T Inc. could purchase it as early as this weekend.

Time Warner's stock was up $7.55, or 9.1%, to $90.55 in early morning trading on Wall Street. Shares of AT&T were down $1.46, or 3.7%, to $37.20.

Advertisement

The Wall Street Journal reported Friday morning that AT&T was in "advanced talks" to acquire Time Warner. Citing unnamed sources, the Journal said discussions were still "fluid" and could still fall through.

By acquiring the New York media firm, Dallas-based AT&T would expand its reach into the entertainment sphere with some of the most prestigious television channels.

In July 2015, AT&T completed its $49-billion acquisition of DirecTV, based in El Segundo.

Time Warner and AT&T declined to comment.

For more business news, follow me @smasunaga

ALSO

Advertisement
Advertisement