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AT&T Discussed Takeover In Meetings With Time Warner

October 20, 2016

Charter Time Warner CableCharter Time Warner Cable
Pedestrians walk past the Time Warner Center. Tuesday, May 26, 2015, in New York.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.