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.<\/p>\n
That\u2019s according to Bloomberg<\/i>, which reported<\/a> 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.<\/i><\/p>\n Music executive Irving<\/b> Azoff<\/b> has been working with Apollo Global Management <\/b>on proposals to merge the two companies, the\u00a0report said.<\/p>\n A combined entity would generate more than $12 billion<\/b> in annual revenue, according to Bloomberg.<\/i><\/p>\n On Tuesday (April 28), iHeartMedia\u2019s shares rose 1.7% <\/b>to $5.34<\/b>, giving it a market cap value of $806.8 million<\/b>, while SiriusXM fell marginally to $26.28<\/b>, valuing it at $8.84 billion<\/b>.<\/p>\n iHeartMedia operates more than 860<\/b> radio stations across 160<\/b> markets, while SiriusXM, which operates a satellite radio service primarily for in-car use, a streaming app, and the SiriusXM<\/b> Podcast<\/b> Network<\/b>, reaches a combined monthly audience of about 170 million <\/b>listeners.<\/p>\n Bloomberg <\/i>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.<\/p>\n To better compete with these DSPs, SiriusXM in July 2025 launched<\/a> a new, lower-priced ad-supported tier called SiriusXM Play, priced at \u201cless than $7<\/b>\u201d a month. That came two years after SiriusXM launched<\/a> a $9.99<\/b>-a-month Spotify challenger.<\/p>\n The reported merger comes as more people listened to podcasts daily than to talk radio programming, Bloomberg <\/i>said, citing Edison Research.<\/p>\n Both companies have tried to adapt, with SiriusXM acquiring<\/a> online radio service Pandora<\/b> in 2018 for $3.5 billion<\/b>, introducing a new app and locking up exclusive distribution rights to podcasts like\u00a0SmartLess<\/i>\u00a0and\u00a0Call Her Daddy<\/i>.<\/p>\n iHeartMedia has also built out its own podcast operation, distributing shows like My Favorite Murder<\/i>,\u00a0The Breakfast Club<\/i>\u00a0and\u00a0Las Culturistas<\/i>. The company\u2019s podcasting revenue grew 26%<\/b> in 2025, while radio revenue fell 4%<\/b>.<\/p>\n In December, iHeartMedia partnered<\/a> with Netflix<\/b> for an exclusive video podcasting partnership that includes all new episodes from the company\u2019s podcast lineup.<\/p>\n The company carries about $5 billion<\/b> in total debt following a bankruptcy<\/a> in 2018, said Bloomberg.<\/i><\/i><\/p>\n The continued growth in the podcast business prompted other DSPs and social media platforms to expand their presence in the market.<\/p>\n In October, Netflix and Spotify\u00a0struck a deal\u00a0<\/a>for Netflix to stream video podcasts from Spotify Studios <\/b>and The Ringer <\/b>starting this year.<\/p>\n Earlier in March,\u00a0Spotify<\/b>\u00a0partnered<\/a>\u00a0with\u00a0HYBE<\/b>\u00a0to put original K-pop video podcasts on the streaming platform. The first show under the partnership debuted on March 23.<\/p>\n In January, Spotify launched a new podcast studio in Hollywood. It follows the\u00a0launch<\/a>\u00a0of its Los Angeles creative hub in December 2021, spanning\u00a0155,000<\/strong><\/a> square feet and featuring studios to record music, podcasts, and videos, and host events.<\/p>\n 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 \u201ca global center for storytelling.\u201d<\/p>\n