DirecTV and Dish Network -- two longtime rivals that have explored joining up at various times for decades -- may be headed to the altar.

Shares of Dish Network parent EchoStar surged 11% on heavy trading volume Friday on reports of an imminent merger between Dish and satellite TV rival DirecTV.

DirecTV and Dish Network are in advanced talks to merge, potentially creating the largest U.S. pay-TV provider with 20 million subscribers, as both companies face increasing competition from streaming services.