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| Time Warner shares jump on AT&T bid rumour | Time Warner shares jump on AT&T bid rumour |
| (about 2 hours later) | |
| Shares in Time Warner, the company behind HBO, CNN and Warner Bros, have raced ahead for a second day on fresh reports of a tie-up with AT&T. | Shares in Time Warner, the company behind HBO, CNN and Warner Bros, have raced ahead for a second day on fresh reports of a tie-up with AT&T. |
| The Wall Street Journal reported on Friday that AT&T could announce this weekend a deal to buy Time Warner. | The Wall Street Journal reported on Friday that AT&T could announce this weekend a deal to buy Time Warner. |
| On Thursday, Bloomberg reported that the telecoms and entertainment giants had discussed business strategies, including a possible takeover. | On Thursday, Bloomberg reported that the telecoms and entertainment giants had discussed business strategies, including a possible takeover. |
| With Time Warner worth $73bn (£60bn), it would be the biggest this year. | With Time Warner worth $73bn (£60bn), it would be the biggest this year. |
| Time Warner shares were up almost 10% to a 15-year high in afternoon trading on Wall Street, having gained about 5% on Thursday. AT&T shares were down more than 2%. | |
| Other media company shares, including Discovery, AMC and CBS, rose. | Other media company shares, including Discovery, AMC and CBS, rose. |
| AT&T, which has a market value of about $238bn, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5bn. | AT&T, which has a market value of about $238bn, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5bn. |
| Time Warner chief executive Jeff Bewkes has, however, resisted selling in the past. The company rejected an $80bn offer from Twenty-First Century Fox Inc in 2014. Last night, Fox reportedly ruled itself of any plans to renew its interest in Time Warner. | |
| The WSJ said that any deal by AT&T to buy Time Warner was likely to be paid via a mixture of shares and cash. | The WSJ said that any deal by AT&T to buy Time Warner was likely to be paid via a mixture of shares and cash. |