Liberty Media has signed a deal memo to infuse $1.158 billion into iHeartMedia. iHeart, which owns 850 AM and FM radio stations, has struggled under the burden of $20 billion in debt.
Liberty Media which owns a 69% stake in SiriusXM, has proposed infusing $1.159 billion into iHeartMedia. SiriusXM and Liberty would each own 20% of a court reorganized iHeartMedia.
The deal links America’s largest radio broadcaster with its only major satellite radio provider. iHeart’s outdoor ad division would be spun off.
The deal memo calls for “consummation” to be completed by December 21, 2018.
