Rumors are leaking out that billionaire corporate raider Carl Icahn is weighing a possible tender offer for a 10% equity stake in media giant Time Warner. Representatives for Carl Icahn and Time Warner both refused to comment, so at the moment, it's only speculation. However, where there's smoke, there's fire.

Currently, Icahn's investor bloc controls about 2.6% of Time Warner, so edging that equity stake up to 10% will require about $8 billion. No small feat, even for Icahn. In fact, Wall Street insiders are skeptical in general about Icahn's plans:

"This is a very, very difficult situation for Icahn to win beyond what he's done already. This is a very large float -- 4.6 billion shares outstanding. Even with 10% of the shares, it's hard to see that he would be able to meaningfully change the direction of the company... This is not the typical Icahn deal, where there's a sleepy management and no one realizes the value of the assets. Time Warner is the most overanalyzed collection of assets on Wall Street..."