New York: AT&T Inc is in advanced talks to acquire media conglomerate Time Warner Inc, and a deal could come as early as this weekend, the Wall Street Journal reported.
The talks around the cash-and-stock deal have come together quickly, the Journal reported on Friday, citing people familiar with the matter.
Time Warner's shares were up 8.2 percent at $89.77 in late morning trading. AT&T was down 2 percent at $37.87.
AT&T, which has a market capitalisation of about $238 billion, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5 billion.
Time Warner Chief Executive Jeff Bewkes has not been willing to sell in the past. The company rejected an $80 billion offer from Twenty-First Century Fox Inc in 2014.
AT&T and Time Warner were not immediately available for comment.
Bloomberg reported on Thursday that executives of both the companies had discussed various business strategies, including a possible merger, in recent weeks.
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