Shares in iHeartMedia jumped more than 35% on Friday following a report from Bloomberg that said the radio giant has started early talks with satellite radio’s SiriusXM to combine.

Bloomberg reported that the merger talks were in the preliminary stages and there is no certainty a deal will go through, according to the outlet’s unnamed sources. It said both companies declined comment.

iHeartMedia shares closed the day at 5.42, near the stock’s 52-week high, while SiriusXM’s stock was off about 5% to 26.61. SiriusXM’s market cap is $9.42 billion, while iHeartMedia’s is $605.89 million.

SiriusXM, the largest satellite radio provider, had about 33 million subscribers and 170 million listeners as of last September. iHeartMedia, which comprises business segments the iHeartMedia Multiplatform Group, the iHeartMedia Digital Audio Group and the Audio and Media Services Group, says it has about 250 million monthly listeners across its 860 owned stations and digital services, and per Nielsen is the U.S.’s No. 1 podcast publisher.

Podcasts are a big part of both companies’ recent diversification efforts beyond traditional radio. iHeartMedia’s podcast segment revenue of $174 million was a highlight of the company Q4 2024, up 24.5% thanks to titles like Stuff You Should Know and Las Culturistas. The SiriusXM Podcast Network boasts biggie names like Call Her Daddy, SmartLess and The Mel Robbins Podcast.

SiriusXM’s stock has been rallying over the past three months, up more than 20% and hitting its own 52-week highs after striking an audio ad deal with YouTube.

The satellite radio giant reports its Q1 2026 earnings next week, while iHeartMedia is due to report its Q1 numbers May 11.