Time Warner shares surged as much as 11 percent on a report that AT&T is in advanced talks to acquire the company. Time Warner's CEO, Jeff Bewkes, has made it known that he is a willing seller if he receives a fair offer, which is expected to be in the $100-plus-per-share range. Time Warner is the beneficiary of newly booked affiliate fee agreements to distribute its Turner Networks CNN, TBS, and TNT content to Comcast, Charter, and Direct TV, which was acquired by AT&T last summer. The deal is attractive to AT&T due to its evolution from a regional phone company to a telecommunications giant in search of content ownership. We would not be surprised to hear of additional offers from Apple, Google or Amazon over the weekend, as all three have been rumored to have interest in acquiring the company. AT&T's shares sold off about 3 percent on the news.