By J. Kim Murphy, Variety | Liberty Media is exiting the radio business, selling its entire stake in iHeartMedia. According to an iHeartMedia Securities and Exchange Commission filing, Liberty Media offloaded its 5.94 million shares of Class A common stock in an open market block trade in a sale worth upwards of $150 million. Between November 2017 and February 2018, Liberty Media purchased $600 million of iHeartMedia debt for a total of $490 million. After iHeartRadio reduced its debt load through a bankruptcy settlement, the bonds were converted into about 6.9 million shares.
“We appreciate Liberty’s support for iHeartMedia, originally as a holder of debt which then converted into a meaningful equity stake, and we are delighted that they received a good return on their investment,” a spokesperson for iHeartMedia told Variety.
Liberty Media did not immediately respond to Variety’s request for comment.
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Read the whole story here:
https://variety.com/2021/music/news/libery-media-sells-iheartmedia-stake-exits-broadcast-radio-1235092953/
[Thank you to Alex Teitz, http://www.femmusic.com, for contributing this article.]
Liberty Media Sells Entire iHeartMedia Stake, Ending Bid to Build Media Conglomerate
