IHRTQ - Liberty Media Withdraws Offer For iHeartMedia But Is Still In The Game
Liberty Media (LSXMA) (LSXMK) (LSXMB) and SiriusXM (SIRI) have apparently withdrawn their offer to acquire a 40% stake (20% each) in iHeartMedia (IHRTQ) for $1.16 billion and substantial credit as iHeart attempts to work its way through bankruptcy. The news comes from court filings this past week.
This news should not be shocking, as any acquisition is usually a process involving back and forth discussion. Liberty has expressed interest in owning an even higher percentage than 40%, and even said that the offer could be increased as