iHeartMedia, SiriusXM Eye Merger With Azoff Advising
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- iHeartMedia and SiriusXM are in early-stage merger talks, with Irving Azoff and Apollo Global Management advising on a potential deal first reported by Bloomberg
- A source denied reports of financial trouble at iHeart and clarified the structure is a merger, not an acquisition of one company by the other
- The combined entity would pair iHeart's 850-plus stations reaching 250 million monthly listeners with SiriusXM's 33 million subscribers, creating a U.S. audio powerhouse
- Both companies cite the need for greater scale and artist platform partnerships as terrestrial and satellite radio lose audience share to streaming
- Azoff's Global Music Rights has filed lawsuits against multiple radio networks alleging low royalty payments — a notable conflict of interest given his advisory role in a deal between two of those networks
- iHeartMedia posted 2025 revenue of $3.865 billion (flat year-over-year), with digital audio revenue up 14% and podcast revenue up 26%
- The news lands less than a week before SiriusXM's scheduled April 30 earnings report covering 2025 and first-quarter 2026 results
- Reps for iHeartMedia, SiriusXM, and Azoff either declined or did not respond to Variety's request for comment on Friday afternoon
Why it matters: With both radio giants losing ground to streaming, a merger would create an audio behemoth controlling 850-plus terrestrial stations and 33 million satellite subscribers. The Azoff angle is the sharpest detail: the man advising the deal runs Global Music Rights, which has sued radio networks over royalty payments — meaning his influence could shape how the combined entity compensates artists.
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