By Brian Stelter, CNN
The Wall Street Journal reported on Wednesday night that AT&T (Fortune 500) has approached DirecTV ( , Fortune 500), the largest satellite TV distributor in the United States, about a possible acquisition. The Los Angeles Times reported that "exploratory talks" are underway.,
Shares of DirecTV surged nearly 6% in early trading Thursday on the reports. The stock closed up about 3%.
A pairing of DirecTV's roughly 20 million TV subscribers with AT&T u-Verse's 5.7 million subscribers would rank No. 2 behind the combinedComcast (Fortune 500) and Time Warner Cable ( , Fortune 500), which is expected to end up with almost 30 million subscribers if the merger receives government approval.,
Read more of Brian's article online here.