Time Warner, Turner Talk About Merging

Time Warner Inc. is negotiating with Turner Broadcasting System to create what could be the latest in a string of megamergers this summer, the New York Post reported today.

The Post said that talks are in the advanced stages, but have yet to be completed.

Under the proposed deal, Gerald Levin would remain as chairman of the combined company, while Ted Turner, founder of the cable-television company, would serve as deputy chairman.