(KRON/CNN) — AT&T is in talks to purchase Time Warner, according to the Wall Street Journal.
It would be the largest merger of media empires since Comcast’s purchase of NBC-Universal.
If this new deal pans out, AT&T would obtain cable networks like CNN and HBO.
Also, AT&T would get the Warner Brothers film and television studio.
AT&T shares dropped 3 percent after the news broke. Time Warner’s shares rose nearly 8 percent on Friday.
That’s customary in situations like this.
The journal reports this acquisition could happen as early as this weekend.
Neither company has commented on this report.