Papa John's (PZZA) could be up for sale. 

And Wendy's (WEN) may be the buyer, suggested a new report from The Wall Street Journal on Wednesday. Papa John's founder John Schnatter -- under fire for making racist comments on a PR call -- reportedly held merger talks with Wendy's before he stepped down as chairman last week. 

Doing a deal would make sense.

Here is what Wendy's CEO Todd Penegor just told TheStreet

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