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Liberty Media Rescinds $1.16B Offer for 40% Stake in iHM
RADIO ONLINE | Monday, June 25, 2018 |
Liberty Media, owner of SiriusXM, has rescinded a proposed $1.16 billion cash deal for a 40 percent stake in iHeartMedia, reports the Hollywood Reporter. Liberty Media previously offered to help iHM avoid its bankruptcy filing with the cash infusion, but that proposed deal was rejected by iHeart creditors earlier in the month.
"Liberty Media withdrew its proposal for iHeart after reviewing results which were below expectations and negatively impacted our initial estimates of value," said Liberty Media Chairman John Malone in a statement. "We remain open to future discussions as iHeart proceeds with its reorganization," the company added, as it holds open the possibility of a higher cash offer.
iHeartMedia filed for bankruptcy protection earlier this year with a debt of $20 billion. Liberty already owns a portion of iHeartMedia's debt.
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