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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)
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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.

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.

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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.

samantha.masunaga@latimes.com

For more business news, follow me @smasunaga

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