"Talks are preliminary and not guaranteed to result in a deal."
iHeartMedia and SiriusXM in Early Merger Talks
iHeartMedia and SiriusXM are in early-stage discussions to merge, according to sources cited by Variety. The potential merger, first reported by Bloomberg, is being advised by industry veteran Irving Azoff and Apollo Global Management.
A source clarified that reports of financial problems at iHeartMedia are false, emphasizing that the companies are exploring a merger, not an acquisition.
The Combined Giant
The proposed entity would unite the two largest players in U.S. radio:
- iHeartMedia: The largest terrestrial radio network, with over 850 stations and 250 million monthly listeners.
- SiriusXM: The largest satellite radio network, with 33 million subscribers.
The objective is to achieve greater scale and to partner with artists in creating new platforms, as both terrestrial and satellite radio face declining audiences amid competition from streaming services.
Advisory Role & Azoff's Holdings
Irving Azoff is not acquiring either company but is advising alongside Apollo. His holdings include:
- Full Stop (management company)
- Oak View Group (live entertainment)
- Global Music Rights (GMR) – a performance rights organization that has sued radio networks over royalty payments.
Financial Snapshot
For 2025, iHeartMedia reported:
- Revenue: $3.865 billion (flat year-over-year)
- Digital audio revenue: Up 14%
- Podcast revenue: Up 26%
SiriusXM is scheduled to report earnings on April 30.
Representatives for iHeartMedia, SiriusXM, and Azoff did not respond to requests for comment.