SiriusXM and iHeartMedia are contemplating combining forces, according to reports.
A deal, which is still in the early stages, would bring together the largest satellite radio and traditional radio networks.
Variety reports that the two companies are looking to merge, while Bloomberg hears that iHeartMedia is talking about a sale to SiriusXM.
Music industry stalwart Irving Azoff and Apollo Global Management have offered to assist with the deal, according to Variety.
By its own estimations, iHeartMedia, which owns iHeartRadio, reaches 250 million or more listeners a month on its approximately 850 radio stations. SiriusXM boasts 33 millions subscribers as of September.
The two companies have faced challenges as streaming services and podcasts have risen to prominence. While iHeart and SiriusXM have expanded their offerings and dived into podcasts, younger generations predominantly use services like Spotify, Apple Music and YouTube.
Metallica drummer Lars Ulrich premiered a SiriusXM show, “Lars’ Deep Dive,” in January on the Maximum Metallica channel (Ch. 42), which launched in August. The satellite radio provider also has shock jock Howard Stern, who just signed a new three-year contract, on its roster.
