IHeartMedia Inc. is exploring the sale of part or potentially all of its podcast business in an effort to raise cash and boost its struggling stock price, according to people familiar with the matter.

The largest U.S. radio station owner has been in discussions with the investment bank Moelis & Co. and some potential investors on a possible sale, said the people, who asked not to be identified discussing private conversations. The talks are in preliminary stages and a deal may not materialize, the people said.

In an emailed statement, a spokesperson for iHeart said the company’s plans do not involve a sale of the business.

“While we don’t generally comment on rumors or speculation, I can tell you that we have no plan to sell our podcasting business,” the spokesperson said. “IHeart has built the number one podcast publisher in America, with unmatched scale, premium talent and strong financial performance. Podcasting is a core strategic growth engine for our company, and we continue to invest in expanding its reach and potential, including through video podcasting.”

A representative for Moelis declined to comment.

The podcast unit’s performance was one of the few silver linings in the company’s earnings this week. On Monday, iHeart reported that adjusted earnings before interest, taxes, depreciation and amortization for the third quarter fell 17% from a year earlier and missed Wall Street forecasts. The company also provided an outlook for the fourth quarter well below what analysts were expecting.

IHeart has struggled with its debt load for years. It filed for bankruptcy in 2018, emerging later largely owned by creditors. The company still has long-term borrowings of $4.9 billion and the shares now trade at around 66 cents.

Earlier this year, iHeart had been in discussions about a possible sale to Sirius XM Holdings Inc., Bloomberg reported, but the negotiations didn’t yield an agreement.

The podcast unit reported revenue of $174 million for the third quarter, up 24% compared to the previous year.

IHeart President Rich Bressler announced plans to establish podcasting as a separate reporting segment next year, “which will provide greater insight into its financial performance and make it easier to fully value all four of our segments and our entire company.”

In addition to podcasts, iHeart operates radio stations, distributes their content online and sells advertising through the Katz Media Group. IHeartMedia is a strategic partner of Bloomberg Media.

On the earnings call, Bressler emphasized that the change is expected to provide investors with increased insight on a business that represented 17% of total revenue in the quarter.

IHeart’s website says it’s the No. 1 podcast publisher globally and in the U.S., where the business attracts 35.3 million monthly listeners. Among its most-listened-to shows are Stuff You Should Know, Las Culturistas and Dear Chelsea.

(With assistance from Ashley Carman.)

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