AT&T Inc. (T) - Get Report is in talks with Peter Chernin to acquire the rest of the Otter Media joint venture that it doesn't already own, sources told the New York Post Wednesday. 

Otter Media is a three-year old joint venture that has stakes in the MLB Network, NHL Network and the Game Show Network. The move is part of the AT&T's plan to clean up its outstanding joint ventures ahead of its proposed merger with DirecTV.

The Post's industry sources estimate that Otter Media could be worth as much as $1 billion. 

AT&T shares fell 0.3% to $36.34 early Tuesday afternoon.

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