Report: Liberty Media Seeks Controlling Stake in iHeartMedia
|RADIO ONLINE | Tuesday, December 4, 2018|
Denver-based media tycoon John Malone's Liberty Media is seeking to take control of iHeartMedia, which took a major step toward emerging from bankruptcy on Monday reports the New York Post. He wants to combine iHM with his other music properties, which include satellite radio giant SiriusXM as well as concert promoter Live Nation and its Ticketmaster service, insiders told the newspaper.
As previously reported, iHM creditors on Monday approved a reorganization plan that to lower company's massive debt by two-thirds and return it to the public markets in February. Meanwhile, sources tell the Post, Malone's Liberty Media is gearing up for negotiations with iHeartmedia's creditors to assemble a stake of roughly 35 percent in iHM.
Gaining control of iHM would give Liberty a music four-pack, as it already owns 71 percent of SiriusXM said the Post. SiriusXM in September agreed to buy streaming service Pandora Media. Liberty also owns 33 percent of Live Nation Entertainment, which owns Ticketmaster.
Sources also told the newspaper that iHeartMedia lenders will own almost all the post-bankruptcy shares and many of them would like to exit at a reasonable cost.