AT&T executives are reportedly toying with the idea of a merger with programming giant Time Warner.

According to a Thursday report from Bloomberg, senior officials for both companies have informally discussed the possibility as part of broader talks about how the two companies can further build their relationship. A follow up report from the Wall Street Journal on Friday, however, indicated the talks are more serious and said a deal could come as soon as this weekend.

The move comes as AT&T – like fellow U.S. wireless carrier Verizon – looks to boost its content and programming position with acquisitions. A deal with Time Warner would hand AT&T a substantial portfolio of popular content, including that from HBO, Turner and Warner brothers.

Though Barclays analysts Kannan Venkateshwar and Amir Rozwadowski last month said an AT&T-Time Warner deal “has the potential to provide immediate industry scale,” the pair said the financials aren’t as promising or even “readily apparent.”

In a Friday research note, Wells Fargo Senior Analyst Jennifer Fritzsche said the deal would undoubtedly bring AT&T a lot of content and would help it manage content costs by owning the assets. However, Fritzsche said Wells Fargo’s High Grade debt team said a deal would likely drop AT&T’s debt rating to a mid-BBB rating and raised an eyebrow at the likelihood of a deal given how much AT&T currently has to deal with.

“We would put the likelihood of such a deal fairly low,” Fritzsche wrote. “With less than 18 months under its belt of DTV integration, a spectrum auction now ongoing, a possible FirstNet win ahead of it, T still has much on its plate right now. We would not expect it to address this speculation on its Q3’16 earnings call on 10/25.”

As of 11 a.m. Friday, AT&T shares were down two percent, while Time Warner shares were up more than 7.3 percent.