Time Warner Stock Jumps on Report That AT&T Deal Could Happen Quickly

Hollywood's make or break Moments: 4 - Time Warner - H 2015
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A report says a deal could come as early as this weekend.

Time Warner's stock jumped in early Friday trading after a report that telecom giant AT&T could seal a deal for the entertainment conglomerate as early as this weekend.

At one point the stock went as high as $92, setting a 52-week high. As of 11:35 a.m. ET, the stock was up 8.7 percent at $90.17.

The Wall Street Journal had reported that a deal, first mentioned as being under consideration, could be finalized this weekend.

AT&T, led by chairman and CEO Randall Stephenson, previously acquired satellite TV giant DirecTV to add to its traditional telecom services, including wireless and broadband.

Time Warner owns Warner Bros., premium TV service HBO and the Turner cable networks. It previously owned Time Warner Cable, but spun it out as a separate company, which earlier this year was acquired by Charter Communications.

Time Warner chairman and CEO Jeff Bewkes has focused the company on its content operations. An AT&T deal would once again combine content and distribution assets under one company umbrella.

The talks about a possible cash-and-stock deal were first reported on Thursday and seem to have progressed more quickly than first thought, but could still fall through or get delayed.

Time Warner a couple of years ago rejected a $85 per share takeover offer from 21st Century Fox, which later withdrew the bid.

The companies didn't immediately comment on Friday.