As the week came to a close on Friday, one big rumor began spreading like wildfire based on a pair of unconfirmed reports: an engagement announcement between SiriusXM and iHeartMedia was in a preliminary exploration phase.
It is believed that media mogul Irving Azoff is exploring the possibility of acquiring both iHeartMedia and SiriusXM, with the goal of merging the two into a single audio powerhouse, with all parties allegedly meeting in talks.
The news comes from anonymous sources cited by both Bloomberg and TheWrap. An iHeartMedia spokesperson told Radio Ink, “We don’t comment on rumors or speculation.”
That said, discussions with various media brokers with RBR+TVBR during the 2026 NAB Show yielded the following conclusion: given the current regulatory climate, everything is on the table with no fear of restrictions or rejection from the FCC or the Department of Justice.
A PODCAST PLAY
The clearest strategic logic for a potential deal runs through podcasting.
iHeartMedia’s podcast revenue rose 25.6% in 2025 to $563.7 million, with CEO Bob Pittman describing the medium as the company’s “growth engine.” SiriusXM’s podcast business grew 41% for the year, anchored by marquee deals including Call Her Daddy, SmartLess,and Conan O’Brien Needs a Friend.
Combined, the two companies would represent one of the largest concentrations of premium audio content in the world; however, the financials on both sides are complicated.
iHeartMedia posted a $471.9 million net loss in 2025 and is executing $100 million in cost reductions that have already claimed regional management positions across multiple markets, with broadcast radio revenue down 5.4% for the year. SiriusXM returned to profitability with net income of $805 million, but is struggling with subscribers. The satellite broadcaster ended 2025 at 32.9 million, down roughly 300,000 year over year, and total revenue slipped 2% to $8.6 billion.
SXM recently completed a debt refinancing, retiring $1 billion in notes due this year, though the maneuver came at a cost after only half its bondholders participated.
A merger would also carry internal contradictions. SiriusXM CEO Jennifer Witz has said the company’s new $7 ad-supported and $9.99 music-only tiers go “squarely off against AM/FM listening,” a competitive posture that would sit uneasily alongside iHeart’s 860-plus broadcast stations. In addition, iHeart is already navigating a foreign ownership restructuring tied to UK investor Michael Tabor and his Global Media and Entertainment.
Possibly the most ironic offshoot of a potential merger could be the return of Howard Stern to terrestrial radio, which he famously eschewed when he joined then-just-Sirius in 2006.
Upon first sharing word of the reports from Bloomberg and The Wrap on RBR+TVBR’s X account late Friday, immediate reactions to the potential roll-up on SiriusXM and iHeartMedia were largely negative.
For the Future of Music Coalition? It’s “a truly terrible idea.”
— Additional reporting by Adam R Jacobson
