Discovery Communications and Scripps Networks Interactive are in talks about a possible merger, according to Reuters.
The two companies previously discussed a possible merger three years ago.
Scripps, the parent company of Travel Channel, Food Network and Fine Living, is said to be looking again for a buyer to help it gain negotiating power with cable and satellite companies.
Reuters says this at least the third time that Discovery has held talks to buy Scripps.
If a deal was to go through, it would create a $19 billion network specialising in non-scripted programming.
Both companies have seen a bounce in their share prices following the report, Discovery Communications is up 9.8 per cent at $28.61 and Scripps Networks is up 13.4 per cent at $76.02 in after market trading.
Both companies have declined to comment on the report.