SiriusXM is in early-stage discussions to acquire iHeartMedia, according to two people familiar with the talks, in a potential deal that would combine major players in satellite and traditional radio broadcasting.

The discussions were described as preliminary, with no certainty that negotiations will lead to a completed transaction. Both companies declined to comment on the reported talks.

SiriusXM operates the dominant satellite radio service in North America, offering subscription-based programming to vehicles and other devices. The company has built its business around commercial-free music channels, talk shows, and exclusive content from personalities like Howard Stern.

iHeartMedia, formerly known as Clear Channel Communications, is one of the largest traditional radio broadcasters in the United States. The company operates hundreds of radio stations across the country and produces syndicated programming and live events.

A combination would unite two different models of radio broadcasting as the industry faces increasing competition from streaming music services and podcasts. The merger would also represent a significant consolidation in the audio entertainment sector.

The timing and financial terms of any potential deal remain unclear, and there is no guarantee the discussions will result in an agreement.