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.

Representatives for SiriusXM declined to comment, and reps for Apollo didn’t respond to request for comment. A representative for iHeartMedia said that “we don’t comment on rumors or speculation.”

Apollo is a major private equity player in the media landscape. In 2024, the company made a bid for Paramount, which was ultimately acquired by David Ellison. Azoff has been one of the most prominent figures in the music industry for decades, managing the Eagles, John Mayer and U2 among many others. He also co-founded the venue management company Oak View Group as well as the performing rights organization Global Music Rights. He also served as the CEO of Ticketmaster, where he helped the ticketing company merge with concert promotion giant Live Nation.

Combined, iHeart and SiriusXM would have a more dominant scale across the radio waves, as well as in the podcast market and developing platforms with artists. A combination of the companies could face regulatory hurdles, given the potential competition concerns the deal would present in the podcast space.

SiriusXM is the biggest podcast network in the U.S. and has a roster of shows that often appear in the top 10 most popular, including Call Her Daddy, SmartLess, The Mel Robbins Podcast and more. iHeartMedia is the third largest podcast network, with popular shows including My Favorite Murder, The Breakfast Club and Las Culturistas.

While SiriusXM has been working to cut down churn among its satellite radio base and expects flat revenue for the upcoming year, it said that podcast ad revenue grew 41 percent in 2025, after double-digit growth in 2024. IHeartMedia saw a similar growth pattern in its fourth-quarter earnings, with podcast revenue up 24.5% year over year and total revenue up just 0.8 percent.