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Report: Apple Considers Investing in iHeartMedia


iHeartMedia
iHeartMedia

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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Quick Snaps
Benztown: Benztown was at Radiodays Europe 2024, which was held in Munich on March 17-19th. Benztown hosted a well-attended party for customers and partners during Radiodays Europe 2024 on Monday, March 18. Pictured is a traditional Volksmusik band performed for Benztown party attendees at Munich's Augustiner-Keller restaurant. In front in black shirt raising a glass is Oliver Klenk, Head of Production & Composition, and to his right, also in black shirt, is Stephan Halfpap, General Manager, Maxmedia, Austria.

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