The "Fast Money" traders debated what AT&T's possible acquisition for Time Warner may mean for media stocks as the target rallied nearly 8 percent on Friday and surged further after hours.

Trader David Seaburg said this deal is "ridiculous" "doesn't make sense" to buy Time Warner "for a boatload of money" when AT&T could just license content instead. He said it's possible AT&T will see resistance from its core shareholders.

Trader Dan Nathan said "the likelihood of this deal getting done is not particularly great."

This deal makes content more valuable, trader Karen Finerman said. If that holds true, that makes other companies like Netflix and Lionsgate Entertainment look more attractive, though Finerman said Netflix is still very expensive.

Trader Guy Adami said that a Netflix deal would be "ridiculously expensive on any number of metrics." The streaming giant saw its best week since April, gaining 25 percent. He argued that despite investors and analysts suggesting Netflix faces increasing competition in video-on-demand, "it's really hard to replicate what they have built."

Disclosures:

GUY ADAMI

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

KAREN FINERMAN

Karen Finerman is long AAL, BAC, C, DAL, long DB calls, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International.

DAVID SEABURG

Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. Seaburg and Cowen have a financial interest in EDIT. An employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore. EXPE, HZNP, VA – Not approved.

DAN NATHAN

Dan Nathan is long TWTR, XHB long Jan put spread, XLU long Dec call Spread, XLK long Jan put spread, XRT long Jan put spread, PG long Dec put spread, EEM long Nov put spread.