iHeartMedia and SiriusXM are reportedly in preliminary talks to merge.
The discussions center on combining the two companies rather than one acquiring the other, according to Bloomberg. A merger would create a scaled audio platform better positioned to compete with streaming services and evolving listener preferences. iHeartMedia, headquartered in Texas, operates the largest terrestrial radio network in the U.S., reaching approximately 250 million monthly listeners across more than 850 stations. The company has been expanding its digital footprint, reporting $3.9 billion in 2025 revenue — flat year-over-year — with growth in its digital audio segment (up 14 percent) and podcasting business (up 26 percent). SiriusXM, based in New York, is a satellite radio provider in the U.S., with roughly 33 million subscribers as of last year, offering subscription-based audio content including music, sports and talk programming.
Apollo (NYSE: APO) and Irving Azoff are advising on the potential transaction, though sources emphasized that talks remain in very early stages with no certainty of a deal.