AT&T In Advanced Talks To Buy Time Warner: Report

AT&T Inc is in advanced discussions to acquire Time Warner Inc, sources said on Friday, a deal which would give the telecom company control of cable channel HBO, the CNN news network, film studio Warner Bros and other media assets.

Time Warner chief executive Jeff Bewkes rejected an $80 billion offer from Twenty-First Century Fox Inc in 2014 but sources said Friday that it had no plans to renew its bid.

A deal between AT&T and Time Warner could be announced as early as on Monday, the sources said. The sources asked not to be named because the talks are confidential.

Time Warner was not immediately available for comment. AT&T declined to comment.

Time Warner shares jumped 9.6 per cent to $90.99 in Friday afternoon trading. AT&T shares were down 2.4 percent at $37.70.

The Wall Street Journal had reported earlier on Friday that the AT&T and Time Warner were engaged in advanced talks and a cash-and-stock deal could come as soon as this weekend.

AT&T, which sells wireless phone and broadband services, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5 billion.

Bloomberg reported on Thursday that executives of AT&T and Time Warner had discussed various business strategies, including a possible merger, in recent weeks.