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AT&T Discussed Takeover In Meetings With Time Warner

October 20, 2016, 8:33 PM UTC
Charter Time Warner Cable
Pedestrians walk past the Time Warner Center, home of the headquarters of Time Warner Cable, Tuesday, May 26, 2015, in New York. Charter Communications will spend $55.33 billion to acquire Time Warner Cable in a cash-and-stock deal that would instantly create one of the largest pay-television and broadband operators in the U.S. (AP Photo/Mary Altaffer)
Mary Altaffer — AP

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.