Axios reports that Pioneer is preparing to buy Sling for $3 billion, after buying Pandora last year for $1.5 billion.
The deal could help Pioneer take advantage of its music business, where it competes with streaming video services such as Netflix and Amazon.
But it could also threaten Sling’s core business of selling music.
The acquisition comes as Sling has been struggling to grow its subscriber base, according to a report from The Wall Street Journal.
Sling said it would no longer be able to compete with streaming services.
The company’s revenue fell 3% in the second quarter, which came after the company’s share price fell to $9.95 from $14.95 on Monday.
In March, Pandora said it was exiting the U.S. market.
Pioneer, which acquired Sling in 2017 for $6 billion, is the latest of a string of companies that have announced their intentions to buy video services.
Alphabet has bought a minority stake in Hulu, while Twitter is acquiring Twitch.
Amazon has acquired Periscope, and Spotify is buying music streaming service Rdio.
Amazon is also reportedly exploring an acquisition of video service YouTube.
Apple is rumored to be considering a purchase of music streaming platform Tidal.