Radio broadcasters iHeartMedia and SiriusXM have held preliminary discussions focused on a potential merger, according to multiple reports published on Friday.
The first report came from Bloomberg News, which cited sources familiar with the talks and cautioned that the discussions could end without a merger agreement in place.
Later, entertainment publication The Wrap said former Ticketmaster Chief Executive Officer Irvin Azoff was involved in the discussions, with the merger structured as an acquisition of both companies by him — details that have not been reported elsewhere or independently verified by either company.
Officials at iHeartMedia and SiriusXM have declined to comment on the reports.
iHeartMedia is the country’s largest radio broadcaster, owning more than 860 AM and FM radio stations from coast to coast. SiriusXM is the only consumer-grade satellite radio service in the United States, with separate but co-owned operations in Canada.
Both companies have made efforts to grow similar digital audio and related advertising businesess over the past decade, though traditional and satellite radio remain the largest drivers of revenue at their respective operations.
The purported discussions between iHeart and SiriusXM, if true, would be the latest example of major corporations taking advantage of a favorable business environment influenced by President Donald Trump since last year. Many industry analysts consider the Trump administration to be more-favorable to mergers and transactions, though some companies have been required to make certain political and social sacrifices in order to get their acquisitions approved by federal regulators.
SiriusXM is scheduled to report its first quarter (Q1) earnings later this month, while iHeartMedia is expected to report its Q1 earnings on May 11.
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