#IHeartMedia

SiriusXM and iHeartMedia, the largest satellite and traditional radio networks, are in the early stages of talks concerning a deal to combine forces, according to reports.

A deal, which was described by two people familiar with the discussions, would unite two major providers of traditional and satellite radio.

Shares in iHeartMedia jumped more than 35% following a report that the radio giant has started early talks merger talks with SiriusXM.

Insiders say music industry mogul Irving Azoff and Apollo Global Management are consulting on the deal.