iHeartMedia Shares Jump After Report Of Early Merger Talks With SiriusXM

Shares in iHeartMedia jumped more than 35% on Friday following a report from Bloomberg that said the radio giant has started early talks with satellite radio’s SiriusXM to combine.

Bloomberg reported that the merger talks were in the preliminary stages and there is no certainty a deal will go through, according to the outlet’s unnamed sources. It said both companies declined comment.

iHeartMedia shares closed the day at 5.42, near the stock’s 52-week high, while SiriusXM’s stock was off about 5% to 26.61. SiriusXM’s market cap is $9.42 billion, while iHeartMedia’s is $605.89 million.

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