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 percent, to $90.55 in early morning trading on Wall Street. Shares of AT&T were down $1.46, or 3.7 percent, to $37.20.
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, Calif.
Time Warner and AT&T declined to comment.
