Telecommunications major AT&T (T) is reportedly in advanced talks to acquire media and entertainment company Time Warner (TWX), articles published by several news agencies on Friday claimed, citing unnamed people who were familiar with the matter.
Communications between the two companies could result in a deal being struck as early as this weekend, an article in the Wall Street Journal reported, or, could result in an agreement being delayed or falling through. The publication added that its sources said that the talks had come together quickly and were “fluid”.
Dallas-based AT&T generated $146.80 billion in operating revenue in 2015 and had 137.3 million total wireless customers in that year. It closed the acquisition of DIRECTV and bought two companies that gave access to the Mexican wireless market. Time Warner, whose operating divisions include HBO, Warner Brothers and Turner, generated total revenue of $28.1 billion in 2015, and adjusted operating income worth $6.9 billion.
MT Newswires contacted AT&T and Time Warner for comment. A communications representative at AT&T declined to comment and Time Warner had not responded at the time of publication.