Shares of Frontier Communications ( FYBR ) jumped nearly 40% on Wednesday after The Wall Street Journal said the fiber network company was in talks about a possible sale to Verizon Communications ( VZ ).

The Journal , which cited people familiar with the matter, said the deal could be announced by the end of the week.

The report didn't mention a possible price; Frontier's market capitalization surged to around $9.6 billion after the stock jumped in response to the news of the possible deal.

Frontier's shares gained 38% to close Wednesday at $38.68, leaving them up roughly 52% for the year. Verizon's stock fell 3.4% today.

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