It’s 2001 all over again for Time Warner Inc. whose shares soared past $90 today following news that it is in “advance talks” with AT&T about a possible merger. The company’s stock hasn’t seen such levels since its calamitous $160 billion merger with AOL Inc.
The Wall Street Journal reported today that the two companies could have a deal as early as this weekend. Such a merger would create a content-distribution behemoth on par with Comcast-NBCUniversal.
The Time Warner-AOL merger, completed in 2001, is widely seen as one of the worst in history. Time Warner has spent the last several years slimming down—it separated from AOL and Time Warner Cable in 2009 and spun off its magazine unit, Time Inc., in 2014.