AT&T in talks to buy Time Warner

(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.CNN contributed to this report.