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Amazon (AMZN) Stock Gains on Live Online TV Speculation

NEW YORK (TheStreet) -- (AMZN - Get Report) stock closed up by 0.78% to $541.66 on Wednesday, after reports suggested the company is considering creating a live online television service, sources told Bloomberg.

The ecommerce company has reportedly shown interest in major media companies such as CBS Corp. (CBS) and Comcast Corp. (CMCSA) to carry their live programming.

The move would expand Amazon's streaming services and allow it to compete with other potential online TV services from Sony Corp. (SNE), Dish Network Corp. (DISH) and Apple (AAPL).

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"Those I have spoken with haven't disclosed how far along Amazon is with regards to a live OTT service," Dan Rayburn, an analyst at Frost & Sullivan, wrote on his blog, Bloomberg added. "It's possible Amazon is simply looking at the economics of the business, which would involve them talking with content owners about costs."

Amazon stock was under pressure today after its competitor cut its membership fee, which...