Yair Netanyahu and Ori Maimon, son of the Israeli gas tycoon Kobi Maimon, can apparently be heard talking about strippers and how much money they spent.
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"Bro, you have to spot me. My dad made an awesome deal for your dad, bro," Yair reportedly said in Hebrew in the recording made in 2015. "He fought, fought in the Knesset for this, bro. "
Mr Netanyahu's son and his friends were accompanied by a state-funded bodyguard responsible for providing security as they drove from one strip club to another, the report said.
One of Yair's entourage jokes the guard who accompanied them, who was privy to some of the banter, would have to be killed if he left his job.
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The audio was released amid a police investigation into corruption allegations surrounding Mr Netanyahu.
Yossi Cohen, a lawyer for Mr Netanyahu, sent a letter to the channel demanding it withhold the recording.
The Netanyahu family told the channel the recordings were part of a "witch hunt" aimed to bring down the Prime Minister.
Yair later issued an apology, in which he said the remarks did not represent the values he was raised on, adding they were made under the influence of alcohol.
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