(Updated - October 20, 2016 3:43 PM EDT)

AT&T (NYSE: T) said to discuss idea of takeover in Time Warner (NYSE: TWX) meeting, according to Bloomberg headlines.

UPDATE - Executives from both sides have met in recent weeks to discussion business strategies, which may include a possible merger.

Talks are currently informal and are mainly focused on building a relationship between the two corporations. Neither has hired a financial advisor as of yet.

Time Warner CEO Jeff Bewkes is said to be a willing seller, sources noted. The company rejected an $85/share bid from 21st Century Fox in 2014.

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