iHeartMedia shares jump 35% amid early merger talks with SiriusXM satellite radio.

Shares of iHeartMedia surged over 35% following reports that it has begun preliminary merger discussions with SiriusXM, the leading satellite radio provider. While talks are early and uncertain, the potential deal could combine iHeartMedia's large terrestrial and digital radio audience with SiriusXM's satellite subscriber base. Both companies declined to comment. Investors reacted positively to iHeartMedia's stock, which closed near its 52-week high, while SiriusXM's shares dipped slightly. The merger could reshape the U.S. audio entertainment market, especially as both companies expand their podcast offerings. SiriusXM will report Q1 earnings next week, and iHeartMedia is set to report on May 11.