Pedestrians walk past the Time Warner Center. Tuesday, May 26, 2015, in New York.
Mary Altaffer — AP
By Reuters
October 20, 2016

Senior executives of telecommunications company AT&T and media conglomerate Time Warner have discussed various business strategies including a possible merger in recent weeks, Bloomberg reported on Thursday, citing people it said were familiar with the matter.

Time Warner shares (twx) jumped 4.7% in regular trading and extended gains slightly after hours. AT&T shares (t) slipped 1.8%.

Neither side has yet hired a financial adviser, Bloomberg said.

Time Warner declined to comment. AT&T could not be immediately reached for comment.

AT&T has been seeking to transform itself into a media powerhouse, most recently buying satellite TV provider DIRECTV.

Time Warner has a market value of about $65 billion. AT&T has a market value of about $238 billion.

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