iHeartMedia is reportedly in preliminary talks to be acquired by SiriusXM Holdings, in a deal that would bring together two audio giants under pressure from on-demand streaming platforms.
That’s according to Bloomberg, which reported over the weekend (April 24), citing people familiar with the discussions, that the talks are still at an early stage and may not result in a deal. Representatives for both companies declined to comment to Bloomberg.
Music executive Irving Azoff has been working with Apollo Global Management on proposals to merge the two companies, the report said.
A combined entity would generate more than $12 billion in annual revenue, according to Bloomberg.
On Tuesday (April 28), iHeartMedia’s shares rose 1.7% to $5.34, giving it a market cap value of $806.8 million, while SiriusXM fell marginally to $26.28, valuing it at $8.84 billion.
iHeartMedia operates more than 860 radio stations across 160 markets, while SiriusXM, which operates a satellite radio service primarily for in-car use, a streaming app, and the SiriusXM Podcast Network, reaches a combined monthly audience of about 170 million listeners.
Bloomberg said both companies, despite being the dominant players in their respective businesses, are struggling to attract new customers and compete with streaming platforms like Spotify and Apple Music.
To better compete with these DSPs, SiriusXM in July 2025 launched a new, lower-priced ad-supported tier called SiriusXM Play, priced at “less than $7” a month. That came two years after SiriusXM launched a $9.99-a-month Spotify challenger.
The reported merger comes as more people listened to podcasts daily than to talk radio programming, Bloomberg said, citing Edison Research.
Both companies have tried to adapt, with SiriusXM acquiring online radio service Pandora in 2018 for $3.5 billion, introducing a new app and locking up exclusive distribution rights to podcasts like SmartLess and Call Her Daddy.
iHeartMedia has also built out its own podcast operation, distributing shows like My Favorite Murder, The Breakfast Club and Las Culturistas. The company’s podcasting revenue grew 26% in 2025, while radio revenue fell 4%.
In December, iHeartMedia partnered with Netflix for an exclusive video podcasting partnership that includes all new episodes from the company’s podcast lineup.
The company carries about $5 billion in total debt following a bankruptcy in 2018, said Bloomberg.
The continued growth in the podcast business prompted other DSPs and social media platforms to expand their presence in the market.
In October, Netflix and Spotify struck a deal for Netflix to stream video podcasts from Spotify Studios and The Ringer starting this year.
Earlier in March, Spotify partnered with HYBE to put original K-pop video podcasts on the streaming platform. The first show under the partnership debuted on March 23.
In January, Spotify launched a new podcast studio in Hollywood. It follows the launch of its Los Angeles creative hub in December 2021, spanning 155,000 square feet and featuring studios to record music, podcasts, and videos, and host events.
Spotify now operates podcast studios in New York, Stockholm, and London in addition to its two Los Angeles locations. The company chose Hollywood for its new studio, describing Los Angeles as “a global center for storytelling.”
TikTok, meanwhile, launched its own podcast network recently. Last month, five podcasts were named for the inaugural lineup of shows for the TikTok Podcast Network, each hosted by a TikTok personality with an established following on the platform.
Music Business Worldwide
