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Trading media mergers: 4 plays on TV stocks

As merger rumors swirl in the cable space, CNBC "Fast Money" trader Steve Grasso would own a consistent target—Time Warner Cable.

"I think that the safe bet would be Time Warner," he said, adding that the stock can go "much higher" from its Friday close.

Shares in Time Warner Cable rose 4 percent Friday after Comcast abandoned its proposed $45 billion acquisition of its smaller rival amid regulatory backlash. Friday reports suggested that Charter Communications may be preparing a bid for Time Warner Cable after Comcast dropped its bid.

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

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Trader David Seaburg liked regional cable provider Charter as a long play. The stock rose 1 percent on Friday.

Trader Tim Seymour contended that Comcast is "definitely the play" after the deal fell through. Shares in the media company closed more than half a percent higher on Friday.

Read MoreComcast's Roberts: TWC deal off, 'no looking back'

None of the cable companies look as appealing as media giant Walt Disney, said trader Guy Adami. Shares moved half a percent higher Friday.

Disney makes "the best way to play" potential industry restructuring, he said.

Disclosures:

Tim Seymour

Tim Seymour is long T, BAC, C, CLF, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, VALE and YHOO.

Steve Grasso

Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long AMZN, FCX, KO, MCD, OXY, RIG, NE, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.