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A deal would unite the largest terrestrial and satellite radio networks in the U.S., forming a combined company with more than $12 billion in sales
SiriusXM and iHeartMedia are in preliminary discussions about a merger, according to Bloomberg. The talks are early-stage and no deal is guaranteed, the outlet reported.
Under a potential deal, the nation's leading satellite radio provider, SiriusXM, would be brought together with iHeartMedia, whose broadcast footprint spans more than 860 stations in 160 markets across the country. Bloomberg reported that a merged entity would generate in excess of $12 billion in annual revenue.
Proposals to bring the two companies together have been developed by Irving Azoff, a prominent figure in the music industry, alongside investment firm Apollo Global Management, according to Variety. Azoff and Apollo are serving in an advisory role; Variety reported that Azoff is not in the process of acquiring either company. Variety's sources described the goal as building artist-friendly platforms while expanding the combined company's reach in the market.
Both companies have faced mounting pressure as listeners shift to streaming services such as Spotify $SPOT and Apple $AAPL Music, and toward video podcasts on platforms such as YouTube. Subscriber totals at SiriusXM have eroded steadily over the past several years, dropping to 33 million as of late 2025 compared with 34.3 million recorded in 2020, according to MarketWatch. At its peak in 2018, SiriusXM carried a market valuation of $34.2 billion; that figure has since shrunk to roughly $9 billion.
IHeartMedia filed for bankruptcy in 2018 and emerged from that process largely owned by creditors. After posting losses exceeding $1 billion in 2024, iHeartMedia narrowed its deficit to $472 million the following year, according to MarketWatch. For the full year 2025, iHeartMedia's total revenue held steady at $3.865 billion; within that figure, podcast revenue climbed 26% while revenue tied to traditional radio slipped 4%, according to Bloomberg.
According to MarketWatch, a Jacobs Media survey documented a sharp audience migration: broadcast radio's regular listenership shrank from 77% to 54% over the past decade, while the share of Americans tuning into digital radio climbed from 20% to 44% across that same span.
Both companies have expanded into podcasting as a hedge against radio's decline. Among SiriusXM's podcast investments are exclusive distribution deals covering shows such as SmartLess and Call Her Daddy. On the iHeartMedia side, the company's podcast catalog includes titles such as My Favorite Murder, The Breakfast Club, and Las Culturistas. MarketWatch noted that a combination of the two companies would result in a podcast operation larger than any other in the United States.
Variety reported that representatives for iHeartMedia, SiriusXM, and Azoff had not provided comment, with some declining outright and others leaving inquiries unanswered.