Legendary music mogul Irving Azoff is in talks to acquire both SiriusXM and iHeartMedia and merge the companies into a radio giant, according to a person familiar with the situation.
A deal would combine the nation’s largest radio company, iHeartMedia, with satellite radio provider SiriusXM, creating a radio and streaming powerhouse. The talks are ongoing and there’s no guarantee a deal will be reached. Both iHeartMedia and SiriusXM declined to comment.
Irving is one of the most powerful figures in live music, representing talent like Chicago and The Eagles, is a close partner with James Dolan who owns MSG, owns a division that has acquired major music catalogues, and co-founded Oak View Group, which specializes in venue development, management and hospitality. It acts as a “positive disruptor” in the industry, managing over 300 client-partners, including arenas, stadiums and convention centers.
Azoff, however, isn’t in radio or streaming, so this deal represents a new area — even if it is intimately tied to his life’s work. In addition, both companies are hosts to some of the most popular podcasts in the world, giving him a foothold in an exploding medium that has the attention of everyone from Netflix to YouTube. As such, a deal would give Axoff another massive lever of power in the music and entertainment space.
Radio giant iHeartMedia owns more than 860 radio stations across 160 markets in the U.S., but in recent years has invested more in a larger streaming presence. It’s had particular success with audio podcasts, which has spun into video content that’s enabled it to partner with the likes of Netflix and TikTok.
Examples of popular podcasts on its network include Charlamagne tha God’s “The Breakfast Club” and “This Is Important” with “Workaholics” stars Adam Devine, Anders Holm and Blake Anderson.
Likewise, SiriusXM has expanded beyond its core business of satellite radio service to include streaming options for its news, talk and podcasts genres. Alex Cooper’s Call Her Daddy, SmartLess, featuring Jason Bateman, Sean Hayes and Will Arnett, and Conan O’Brien Needs a Friend are among the top programs on its network, all of them striking nine-figure deals with the company.
The combined company could act as a counterweight to the growing influence of tech companies on the media world. Azoff hasn’t been shy about his disdain for YouTube, which he called a “bully” at TheWrap’s TheGrill conference in September.
