The iHeartMedia billboard is seen atop a building in the Bronx in New York, U.S., March 15, 2018. REUTERS
(Reuters) – IHeartMedia Inc is in talks about a potential merger with Sirius XM Holdings, Bloomberg News reported on Friday, citing people familiar with the discussions.
Shares of SiriusXM rose about 2% in extended trading, while iHeart fell nearly 3%.
A merger would bring together iHeart’s more than 860 broadcast radio stations and SiriusXM’s expansive podcast network, among other audio and media services.
The talks are preliminary and there is no guarantee any deal will happen, the report said.
Both iHeartMedia and SiriusXM declined to comment when contacted by Reuters.
SiriusXM, which in February reported a surprise rise in quarterly subscribers who pay directly for its satellite radio service, struck a deal with Alphabet’s YouTube to become its exclusive audio advertising sales partner in the U.S.
IHeartMedia is the largest radio network and audio company in the U.S., reaching 9 out of 10 Americans every month – a quarter of a billion monthly listeners, according to its website.
Reporting by Juby Babu in Mexico City; Editing by Maju Samuel
