Liberty Media Contemplating $1 Billion-Plus iHeartRadio Restructuring, CEO Says
Liberty Media, through its SiriusXM operations, bought a portion of iHeartRadio corporate debt large enough to fund most of any iHeart restructuring it might pursue, Liberty CEO Greg Maffei said Thursday in an earnings call. He said Liberty Media sees…
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"potentially substantial synergies" with Sirius in the form of shared personalities and cross promotions. FBN Securities analyst Robert Routh wrote investors that Liberty and Sirius XM -- of which Liberty has majority control -- combined are apparently considering a total investment of $1.1 billion to $1.2 billion that would have them each owning about 20 percent.