Overview
- The two audio companies, which were reported Friday to be in early-stage discussions, have not confirmed the talks or outlined a structure for a deal.
- Sources in Variety and The Hollywood Reporter say Irving Azoff and Apollo Global Management are advising, while a single report in TheWrap suggested Azoff could try to buy both companies.
- Investors reacted after the news Friday as iHeartMedia shares jumped about 35 percent and SiriusXM fell roughly 5 percent.
- A combined group would span about 860 U.S. radio stations and roughly 33 million satellite subscribers and could face antitrust scrutiny in podcast advertising and audio distribution.
- Upcoming earnings calls for SiriusXM on April 30 and iHeartMedia on May 11 could offer signals on strategy or the likelihood of a deal.