(Some vernacular sex talk along the way, so some judgment might be called for.)
It started with Dave Hause on ADS-L reporting this item from the seekingalpha site (with the crucial bit boldfaced below):
The next wave of media consolidation will surely be on investors’ minds today following AT&T’s weekend agreement to buy Time Warner. Discovery Communications (NASDAQ:DISCA), Scripps Networks (NYSE:SNI), AMC Networks (NASDAQ:AMCX), Lions Gate (NYSE:LGF), Viacom (VIA, VIAB), and CBS already had their tails in the air on Friday afternoon as merger talk between AT&T and Time Warner heated up.
I may be off but I would interpret “tails in the air” as cat body language, “sexually receptive.” Maybe less suggestively as “seeking a dominant partner.”
There are actually two figurative interpretations here: one alluding to cat body language (in which an upraised tail communicates contentment and confidence) and one alluding to sexual receptivity signals in mammals (in which females raise their tails — and, often, back up to males — to communicate readiness for coitus).
Meanwhile, figurative (both metaphorical and metonymic) senses of tail — ‘penis’, ‘vagina’, ‘buttocks’, ‘anus’ — impinge on both of these figurative uses of raise (one’s) tail and similar idiomatic expressions, like put/have (one’s) tail (up) in the air.