iHeartMedia and SiriusXM are in early talks about combining the two companies, according to sources familiar with the matter, who say that music industry titan Irving Azoff and Apollo Global Management are involved to try and help facilitate a deal.
iHeartMedia is the largest radio station owner in the U.S., with more than 860 stations in 160 markets, while SiriusXM is the largest satellite radio service, boasting talents deals with the likes of Andy Cohen, Alex Cooper and most famously Howard Stern. In recent years, both companies have leaned into podcasts as a growth engine amid a decline in radio listenership. iHeartMedia filed for bankruptcy in 2018 and has since been working to mount a turnaround, with shares up 10 percent year to date.
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Representatives for SiriusXM declined to comment, and reps for Apollo didn’t respond to request for comment. A representative
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