Shares of Sprint spiked 5 percent Friday after The Wall Street Journal, citing sources, said the telecommunications company met with Warren Buffett and media business giant John Malone about an investment.

Sprint Chairman Masayoshi Son met separately with Buffett and Malone, chairman of Liberty Media, this week during a gathering of chief executive officers in Sun Valley, Idaho, the report said, citing sources.

Although the talks are in early stages, the sources said, one estimate said Berkshire would put more than $10 billion into a deal.

Separately on Friday, Bloomberg reported that Buffett is mulling a $10 billion to $20 billion investment in Sprint. The talk comes just days after Berkshire offered $9 billion to buy electricity transmission company Oncor.

Sprint intraday performance

Source: FactSet

In late June, CNBC confirmed that Sprint is in exclusive talks with Charter Communications and Comcast for a potential deal that will allow the cable companies to offer wireless services on the carrier’s network. Sprint in May was reportedly in talks with T-Mobile for a merger.

Sprint declined to comment to CNBC on Friday. Liberty Media did not immediately respond to a CNBC request for comment. Comcast had no comment.

Buffett’s Berkshire Hathaway has been an investor in various Malone-backed companies over the years. Its portfolio held 9.3 million shares of Charter Communications as of the end of March. Last year Charter completed a purchase of Time Warner Cable. Malone’s Liberty Broadband holds 20 percent of Charter’s shares.

In addition, Berkshire holds more than 31 million shares of Liberty through various share classes and 45 million shares of Liberty Sirius XM. It also owned 172 million shares of Sirius XM at the end of the first quarter.

T-Mobile shares also climbed slightly on Friday.

Read The Wall Street Journal story here.

— CNBC’s Liz Moyer contributed reporting

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and CNBC.com.