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.