iHeartRadio and SiriusXM Explore Merger

Variety is reporting that iHeartMedia and SiriusXM are in the early stages of merger discussions. Sources told the publication that veteran music industry executive Irving Azoff and Apollo Global Management have offered to advise and assist on the deal.

Why it matters:

• The union would bring together the largest terrestrial network in the US – iHeart reaches 250 million monthly listeners across 850-plus stations – with the biggest satellite radio network, with SiriusXM boasting 33 million subscribers in 2025.

• As Variety points out, in an era of declining listener numbers and advertising challenges, the two would be stronger together than apart.

Early stages:

• The discussions are preliminary, and there is no guarantee a deal will materialize.

• If it were to proceed, the companies would merge as opposed to one acquiring the other.