AT&T has reportedly reached a deal to buy Time Warner for an expected $80 billion.

The agreement, which is believed to value Time Warner at up to $110 per share, is expected to be announced later today (22 October), The Wall Street Journal reported.

Rumours of an impending deal between the companies had been circulating towards the end of the working week, with the boards of the two companies reportedly meeting on Saturday.

The merger will pair AT&T's subscribers with Time Warner's big hitters, including the Warner Bros. studio, HBO and CNN, in what is being billed as one of the largest media deals to take place in recent years.

And the alleged deal has already made an impact on the market, with Time Warner shares up 8% at the end of the working week, to $89.48 at close of business on Friday (21 October).

For Time Warner, this is not the first takeover bid it has received. In 2014, Twenty-First Century Fox had offered $80bn for it. But the entertainment company's chief executive Jeff Bewkes rejected the offer. It was also reported by a number of news media that tech giant Apple had approached Time Warner with regards to a merger just a few months ago.

Neither AT&T nor Time Warner have released a statement on the deal as yet.