CenturyLink in merger talks with Level 3 Communications

CenturyLink Inc. is in advanced talks to merge with Level 3 Communications Inc., people familiar with the matter told The Wall Street Journal.

A deal could be announced in the coming weeks.

Prior to The Wall Street Journal's report yesterday, Broomfield, Colorado-based Level 3 had a market value of $16.8 billion. Monroe, Louisiana-based CenturyLink was worth $15.2 billion.

Shares in both companies jumped on the report.

Read more from The Wall Street Journal.