AT&T is in talks with Peter Chernin about acquiring the balance of Otter Media, their 3-year-old joint venture, two sources told The Post.
The move is part of a wider effort by the telecom giant to clean up a host of joint ventures ahead of its expected acquisition of Time Warner, sources said.
Those JVs include stakes in the MLB Network, the NHL Network and the Game Show Network, among others.
Some of the JVs belong to its DirecTV unit.
AT&T’s conversations with Chernin are focused on the $221 billion company’s buying out Chernin Group’s stake — with the 66-year-old media titan remaining close to the Texas company.
In 2016, The Post reported that Chernin was discussing a closer relationship with AT&T — including the possibility of joining the company in a corporate role.
Those rumors have again resurfaced, though Chernin, through a spokeswoman, categorically denied any talks on the subject.
“AT&T is not pursuing Peter Chernin for a role, and there are zero discussions about such a relationship,” the spokeswoman said.
Meanwhile, Otter Media, which has invested in a broad range of over-the-top ventures, could be worth as much as $1 billion, industry sources estimate.
Otter investments include a majority stake in Fullscreen, an online media company, acquired in September 2014, and a piece of how-to site Creativebug, which was bought that same year. Otter also owns a piece of Asian video hub Crunchyroll.
More recent projects include ventures with former Viacom music executive Van Toffler to create Gunpowder & Sky. In November, Otter announced a JV with Reese Witherspoon called Hello Sunshine. It focuses on female-driven projects.
Chernin Group also owns Chernin Entertainment, which houses a TV and film production business. That is not in play, sources said.
Chernin Entertainment, part-owned by Providence Equity, also backs digital ventures, including Barstool Sports.
“There was an expectation that AT&T and Time Warner would roll Otter Media into their group,” said one source close to conversations.
AT&T is in the midst of acquiring Time Warner for $85.4 billion, but it is currently in talks with Justice Department officials, who are looking over Time Warner contracts.
AT&T has said it is acquiring the content giant to better compete with the likes of Google and Facebook. More detailed customer data on what ads consumers are watching on TV and perhaps then buying on their phones will enable AT&T to sell more advertising.
Critics of the deal, which include competitors such as rival satellite TV firm Dish Network, have suggested it will hurt competition and potentially raise prices of Time Warner channels for others.
Interest group Public Knowledge sent a letter July 13 to Attorney General Jeff Sessions requesting he reject the proposed merger.
Neither AT&T nor Chernin Group returned calls seeking comment on the talks concerning the JV.