IHeartMedia and SiriusXM are in early talks to join forces, with Irving Azoff and Apollo Global Management offering to help with any such deal, sources tell Variety.
News of the potential merger was first reported by Bloomberg, however, a source stated that any reports of financial problems at iHeart are untrue, and also that the companies are looking at a merger, not the sale of one to the other.
The sources stressed that the talks are in very early stages and there is no guarantee that a deal will take place.
Such a merger would unite iHeart’s 850-plus broadcast radio stations and SiriusXM’s podcast network, among other services. IHeartMedia is the largest radio network and audio company in the U.S. and claims to reach 250 million monthly listeners.
The sources said that the objective of combining the companies would be to provide greater scale and partner with artists to create platforms. However, it is clear that, with both terrestrial and satellite radio losing listeners and influence as streaming and multiple other options become increasingly available, the companies would be stronger together than apart.
For 2025, iHeartMedia reported revenue of $3.865 billion, flat when compared with the previous year, with its digital audio group’s revenue up 14% and podcast revenue up 26%.
Reps for iHeartMedia and SiriusXM either declined or did not respond to Variety‘s requests for comment on Friday afternoon.
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