Broadcast-streaming. The US’s largest radio broadcaster iHeartMedia (849 stations across the country, outdoor advertising and music streaming) is undergoing bankruptcy proceedings. This has prompted both Silver Lake Partners and John Mallone’s Liberty Media separately to run the rule over it as a potential acquisition. The former Clear Channel Communications (whose troubles stem from a leveraged buy-out in 2008) is expected to emerge from bankruptcy in early October, with debt reduced from $20bn to $10bn. It is likely then to seek a buyer. Last month, Liberty Media withdrew its proposal to buy 40% of iHeart for $1.16bn, which, when factoring in the $10bn of remaining debt, would value iHeart at $12.9bn. But creditors believe the company is worth $12-15bn. Easy to sense the deal and to predict that Liberty will do it.
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Bankrupt iHeartMedia up for sale
