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IHeartMedia Inc (IHRT.O) is ‌in discussions about a potential merger with Sirius ​XM Holdings (SIRI.O), ​Bloomberg News reported on ⁠Friday, citing ​people familiar with ​the talks.

Shares of Sirius XM fell over 4% ​after the ​news, while iHeart rose ‌14%.

The ⁠talks are preliminary and there's no guarantee any ​deal will ​happen, ⁠the report said.

Both companies ​did not ​immediately ⁠respond to Reuters' requests for comment.