Shares in Level 3 Communications rose almost 4% Wednesday amid a report that the company is seeking strategic options, including a possible sale.

Comcast is a potential suitor for Level 3, Bezinga reported, citing an unnamed industry source. Bezinga also pointed to a research note issued late last by Cowen & Co. analyst Colby Synesael speculated late last year that Comcast could pursue Level 3 to bulk up its enterprise business capabilities in order to expand competition with AT&T and Verizon.

Notably, Comcast Business launched a new initiative last fall that targets Fortune 1000 companies. Comcast Business pulled down $1.31 billion in revenues in Q1 2016, establishing an annual run-rate of $5.2 billion, with the bulk of that revenue still coming way of small business customers.

Comcast and Level 3 have been asked for comment.

Update: Level 3 said it doesn't comment on rumors or speculation. Comcast also declined to comment. 

Broomfield, Colo.-based Level 3 has a market cap of about $20.15 billion and serves customers in more than 60 countries.

Level 3 and Comcast also have a checkered history.

In 2010, Level 3 and Comcast quarreled over a contentious peering dispute, with Level 3 arguing that Comcast was erecting a “toll booth” on the Internet soon after Level 3 landed a deal to be a primary content delivery channel for Netflix streaming traffic. Comcast and Level 3 cut a new interconnection deal in 2015 aimed at maintaining ample capacity to exchange Internet traffic between their networks, and an agreement that seemingly put that previous bad blood behind them.

Verizon FiOS retained its crown as the speediest major U.S. ISP as viewed through the Netflix lens, producing an average Netflix streaming speed of 3.55 Mbps during primetime hours for the month of April.  

According to the latest Netflix’s ISP Speed Index, Cox Communications was next, with an average of 3.49 Mbps, just enough to edge past Cablevision Systems (3.48 Mbps).

Netflix noted in a blog post that streaming speeds over Cox’s network has been steadily increasing, up from 3.11 Mbps in November 2014.

Among other movers, Time Warner Cable (3.29 Mbps) jumped one spot, to No. 7, swapping places with Mediacom Communications (3.26 Mbps).

AT&T-DSL (2.32 Mbps) and CenturyLink (2.30 Mbps) also jumped two spots, while Frontier Communications (2.28 Mbps) dropped one slot, to number 13, and Windstream Communications (2.25 Mbps) dropped three spots, to No. 14, putting it ahead of only Verizon-DSL and Clearwire.

In Netflix’s expanded results for the U.S., Google Fiber (3.63 Mbps) continued to top all ISPs, outpacing Grande Communication, Verizon FiOS, EPB, CDE Lightband, and Midcontinent Communications.

Netflix historically has used its monthly ISP speed rankings to push Open Connect, its private content delivery network that relies on edge caching devices. The OTT video giant, however, has agreed to paid interconnection deals with four major U.S. ISPs -- Verizon, Comcast, AT&T and Time Warner (Bright House Networks is benefiting from the TWC-Netflix deal), and recently struck a non-paid interconnection deal with Mediacom.