SiriusXM and iHeartMedia paused early-stage merger negotiations. The companies failed to reach an agreement on deal terms.
The proposed merger would have combined SiriusXM’s satellite radio with iHeartMedia’s broadcast network. This deal aimed to increase competitiveness against digital streaming platforms.
Stock prices for both companies declined following the announcement. iHeartMedia shares fell significantly during premarket trading. SiriusXM shares recorded a more moderate decline.
Reports suggest the companies may resume negotiations in the future.