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Report: Apple Considers Investing in iHeartMedia
RADIO ONLINE | Thursday, November 1, 2018 |
iHeartMedia is reportedly exploring investments with several companies, including Apple, in advance of filing a reorganization plan with bankruptcy court, the Financial Times reports. The radio giant has some $20 billion in debt and filed for bankruptcy protection in March. Sources tell FT that Apple is one of several investors that have been considered, and iHeartMedia is looking for an equity stake worth tens of millions of dollars. The Verge's Dani Deahl reports that an alternate source suggested that a marketing partnership could be struck rather than an ownership stake.
The Financial Times also noted that a deal with iHeartMedia could deliver provide additional distribution to Apple Music's Beats 1, bringing it to broadcast radio. Currently, the Beats 1 services is available through only Apple Music and iTunes apps. The report also states, reports The Verge that industry executives feel Apple Music's flagship shows on Beats 1 hosted by air talent like Zane Lowe have not grown the service's subscribers in a way Apple expected.
Recently, Apple has acquired music-based companies like the Shazam app, and its purchase of Beats, which laid the foundation for Apple Music. Howevern iHeartRadio has a big influence in the radio industry with over 850 stations, and events like the iHeartRadio Music Awards that could benefit Apple.
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