IHRTQ - Liberty Media Makes Offer To Take 40% Stake In iHeartMedia
Liberty Media has done its homework and submitted a term sheet which proposes to acquire a 40% stake in a restructured iHeartMedia (IHRT). The terms of the deal would give four board seats to Liberty Media. According to reports, Liberty would put up $1.16 billion and assist the company in avoiding bankruptcy that is a looming threat. Liberty and SiriusXM (SIRI) would work the deal and each receive half of the proposed 40% stake. This is ironic given that Liberty made a similar move in bailing out SiriusXM several years ago.