iHeartMedia and SiriusXM are in early talks about merging the two companies, according to sources familiar with the matter, who say music industry giant Irving Azoff and Apollo Global Management are involved in trying to help facilitate the deal.
iHeartMedia is the largest radio station owner in the United States, with more than 860 stations in 160 markets, while SiriusXM is the largest satellite radio service, boasting talent deals with the likes of Andy Cohen, Alex Cooper and, most famously, Howard Stern. In recent years, both companies have turned to podcasting as a growth driver amid a decline in radio listeners. iHeartMedia filed for bankruptcy in 2018, and has been working on a turnaround ever since, with shares up 10 percent year to date.
Representatives for SiriusXM declined to comment, and representatives for Apollo did not respond to a request for comment. “We do not comment on rumors or speculation,” an iHeartMedia representative said.
Apollo is a major private equity firm in the media landscape. In 2024, the company made a bid for Paramount, which was eventually acquired by David Ellison. Azoff has been a prominent figure in the music industry for decades, managing the Eagles, John Mayer and U2 among others. He also co-founded venue management company Oak View Group as well as performing rights organization World Music Rights. He also served as CEO of Ticketmaster, where he helped the ticket company merge with concert promotion giant Live Nation.
Combined, iHeart and SiriusXM will have a more dominant reach across the radio airwaves, as well as in the podcast market and developing platforms with artists. A range of companies could face regulatory hurdles, given the potential competition concerns a deal might introduce in the audio streaming space.
SiriusXM is the largest podcast network in the United States and has a list of shows that often appear in the top ten most popular, including Call Her Dad, SmartLess, The Mel Robbins Podcast And more. iHeartMedia is the third largest podcast network, including popular shows My favorite murder, Breakfast Club and Las Culturistas.
While SiriusXM works to reduce clutter among its satellite radio base and expects flat revenue for next year, it said podcast ad revenue grew 41 percent in 2025, after double-digit growth in 2024. IHeartMedia saw a similar growth pattern in fourth-quarter earnings, with podcast revenue up 24.5% year over year and total revenue up just 0.8 percent.
