Discovery soaring on Fox merger rumors

• Discovery Communications (NASDAQ:DISCA) is up 9% this morning on very heavy volume as rumors fly about a tie-up with Twenty-First Century Fox (NASDAQ:FOXA).
• Sources told Australia's Financial Review that any talks were "very, very early days," but a merger would represent a new aggressive direction for Rupert Murdoch's company after its bid for Time Warner was rejected last year.
• A combination of Fox and Discovery properties would bring in more than $38B in annual revenue.