IHeartMedia and SiriusXM are in early talks to join forces, with veteran music industry mogul Irving Azoff and Apollo Global Management offering to assist with and advise on 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 acquisition of one by the other.
Such a merger would unite the largest terrestrial radio network in the U.S. (iHeart, which claims to reach 250 million monthly listeners via its 850-plus stations) and the largest satellite radio network (SiriusXM, with 33 million subscribers as of last year), creating an audio powerhouse.
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.
The sources stressed that the talks are in very early stages and there is no guarantee that a deal will take place. They also said that Azoff is not in the process of acquiring either or both companies, but is advising, along with Apollo.
However, having a hand in such a deal (or an ownership stake) would likely be an advantage to Azoff, whose vast holdings across the entertainment industry include management (Full Stop, representing the Eagles, Harry Styles and many more), live entertainment (Oak View Group), and, most directly related to radio, performing rights in Global Music Rights, a U.S.-based competitor to ASCAP, BMI and SESAC. Since its founding in 2013, GMR has filed lawsuits against several radio networks, alleging low royalty payments.
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, SiriusXM and Azoff either declined or did not respond to Variety‘s requests for comment on Friday afternoon.
Variety will have more on the situation as it develops.
