The news: Radio and podcasting company iHeartMedia posted mixed Q1 2026 results this week, following recent reports that it may attempt to merge with SiriusXM. The company’s overall revenues jumped, with podcast growth leading the pack. However, a weak outlook and EBITDA decline prompted a 11.6% dip in its stock price on Tuesday.

By the numbers:

• Revenues: $884 million, +9.6% YoY
• Digital audio group revenues: $327 million, +18%. This includes podcast revenues, which grew 27% YoY to $147 million.
• Multiplatform group revenues: $493 million, +4% YoY

iHeart announced a $50 million cost-cutting effort—likely meaning layoffs—on top of the $100 million in cuts it announced earlier this year.

Podcasting reigns: The radio and digital audio company’s podcasting segment has been its strongest growth driver for over one year, while multiplatform revenues have wobbled. That consistent growth reflects both consumers’ and advertisers’ rising interest in the format, and explains platforms’ aggressive efforts to break into the sector.

iHeart distributes a suite of popular podcasts including “Las Culturistas,” “Crime Junkie,” and “The Clay Travis and Buck Sexton Show” that drive listener and advertiser interest. We forecast that US podcasting advertising will be a $3.14 billion industry this year, positioning iHeart to capitalize on that growth.

Meanwhile, other companies are in a frenzy to break into podcasting. YouTube has cemented itself as the most popular platform to consume podcasts and has made video a fixture of the format. Spotify has followed its lead, as have other social and media platforms.

The SiriusXM angle: The satellite radio company has struggled to compete with podcast and media giants, but distributes its own suite of exclusive shows including “Call Her Daddy” and “SmartLess.” Those titles would bolster iHeartMedia’s portfolio and give it more power to claim ad dollars.