The Walt Disney Co. is reportedly working toward a possible acquisition of Twitter, joining a list of companies also considering a bid, according to Bloomberg.

The Burbank-based company is working with a financial adviser for a possible bid, Bloomberg reports.

Sources close to the matter say that after Disney expressed interest, Twitter began the process to evaluate a potential sale.

Disney already has ties with the social media company. Twitter Chief Executive Jack Dorsey is on Disney's board of directors. 

Disney is one of the largest media and entertainment companies in the world, with properties that include ABC, ESPN and Pixar.

In the last decade, the company has expanded immensely through major acquisitions, including Marvel for $4 billion in 2009 and Lucasfilm for $4.06 billion in 2012.

A decline in the company's cable TV business is cited as one of the reasons Disney is considering a purchase.  Twitter could provide Disney with a new online platform to distribute content.

Neither Disney nor Twitter have released official statements about the report.