Media Stocks Jump on Time Warner Merger News

Discovery, Scripps Networks, AMC post big gains

News that AT&T might be close to acquiring Time Warner sent other media company stocks jumping on Friday.

The TV business has been consolidating and the few remaining independent companies that own networks and produce programming have been seen as merger targets.

Discovery Communications shares were up nearly 7%, Scripps Networks Interactive was up 5%, and AMC Networks was up 4%

Viacom, which is expected to be combined with CBS, was up nearly 4%. CBS was up 2%. Both companies are controlled by the family of Sumner Redstone.

21st Century Fox and Comcast, which were more likely to be seen as acquirers, were slightly down and the Walt Disney Co. was flat.