Apr. 24 at 8:58 PM
iHeartMedia shares surged Friday afternoon after a Bloomberg report revealed the company is in early-stage merger talks with Sirius XM, whose stock dropped 6% as investors weighed potential deal risks and dilution.
Trading in iHeartMedia was temporarily halted due to heightened volatility, reflecting strong market reaction to the headline. According to sources, discussions are still preliminary, with no certainty an agreement will be reached, and representatives from both companies declined to comment.
A potential merger would combine the largest owner of radio stations in the U.S. with the leading satellite radio operator, potentially creating a dominant audio platform spanning broadcast, satellite, and digital streaming, with expanded reach, advertising scale, and content distribution capabilities.
$IHRT $SIRI