iHeartMedia and SiriusXM Reportedly in Merger Talks

Photo Credit: iHeartMedia

iHeartMedia and SiriusXM are in early merger discussions, with music industry vet Irving Azoff and Apollo Global Management advising on the matter.

Following early rumblings of a potential merger between iHeartMedia and SiriusXM, initially reported by Bloomberg, a source has now confirmed to Variety that the companies are in early discussions for a merger—not the acquisition of one by the other. The source also stated that any reports of financial uncertainty at iHeartMedia are untrue.

Combining the two companies would unite the largest terrestrial radio network in the United States with the largest satellite radio network to create a radio powerhouse, the likes of which have never been seen. Sources said that the objective of such a merger would be to “provide greater scale and partner with artists to create platforms.”

However, there are plenty of reasons that such a merger makes sense, with both sides losing listeners and influence in the streaming era. It’s apparent that both companies think they would be stronger together than apart at this stage in the game.

Notably, the talks are said to be in the earliest stages, and there are no guarantees that a deal will result from the discussions. Sources also noted that Azoff is not in the process of acquiring either or both companies, but is advising along with Apollo.

Regardless, being involved in the deal at all puts Azoff in an advantageous position, with tremendous holdings across the entertainment spectrum. His Full Stop management represents heavy-hitters like Harry Styles and the Eagles, while his Oak View Group covers live entertainment. He also remains a fixture across performing rights with Global Music Rights, the US-based answer to ASCAP, BMI, and SESAC.

iHeartMedia reportedly reaches 250 million months listeners across 850-plus stations, while SiriusXM boasts 33 million subscribers as of 2025. Last year, iHeart reported revenue of $3.86 billion, which was fairly consistent with the previous year, with podcast revenue up 26%.

SiriusXM is due to release its first-quarter 2026 earnings on April 30, so the news of merger discussions couldn’t be more timely.