SiriusXM and iHeartMedia have initiated preliminary merger discussions with guidance from Irving Azoff and Apollo Global Management. The proposed combination would unite the nation’s leading satellite radio provider with a broadcast network spanning over 860 stations in 160 markets, aiming to generate more than $12 billion in annual revenue, though no deal is yet guaranteed.

SiriusXM’s subscriber count fell to 33 million by late 2025 from 34.3 million in 2020, and its market valuation has dropped from $34.2 billion at its 2018 peak to roughly $9 billion today. iHeartMedia, which emerged from 2018 bankruptcy under creditor ownership, cut its net loss from over $1 billion in 2024 to $472 million in 2025 while maintaining $3.865 billion in total revenue.

Both companies have expanded into podcasting as a hedge against traditional radio decline, with SiriusXM securing exclusive rights to shows like SmartLess and Call Her Daddy and iHeartMedia hosting titles such as My Favorite Murder and The Breakfast Club. A merged entity would combine extensive broadcast assets with the largest U.S. podcast operation, capitalizing on a decade-long shift toward digital audio.