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Time Warner Shares Soar as AT&T Acquisition Talks Heat Up

Time Warner shares soared more than 8 percent in trading Friday morning amid reports that the entertainment giant is in advanced talks to merge with AT&T.

Time Warner shares spiked so fast that trading was briefly halted just before 11 a.m. ET for about 10 minutes. Time Warner was nearing a 52-week high of around $91.30 after trading resumed.

Word of the talks between Time Warner and AT&T surfaced Thursday evening. Reps for both companies have been tight-lipped since then.

Time Warner CEO Jeffrey Bewkes has asserted that Time Warner — home of Warner Bros., HBO and Turner — did not need to seek a major M&A deal but the talks with AT&T underscore that the industry is undergoing a period of consolidation and transformation.