courtesy AllAccess.com June 21, 2018
BLOOMBERG is reporting, “iHEARTMEDIA INC., the biggest U.S. radio broadcaster, formally turned down a $1.16 billion bid from JOHN MALONE’s LIBERTY MEDIA CORP., but other talks are continuing as the company navigates its way through bankruptcy. LIBERTY officially withdrew its bid JUNE 15th after being informed that its offer for a 40% stake wasn’t enough to satisfy the company or its senior creditors, iHeart said in court filings THURSDAY.”
The report notes iHEART still has “active conversations with other interested parties” and remains “willing to continue dialogue with LIBERTY.”
An iHEARTMEDIA spokesperson had no comment on the report.
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