A story in The New York Post Tuesday would have you believe so. The paper quotes sources who claim “Malone’s Liberty Media is gearing up for a flurry of negotiations with iHeart’s creditors to assemble a stake of roughly 35 percent in iHeart.” According to previous reports, Liberty unsuccessfully tried to buy 40 percent of iHeart at a $2.9 billion valuation back in June.
The Post says Malone’s idea is to “create a soup-to-nuts toll taker for music lovers by combining iHeart with his other music properties.” That includes Sirius XM, Pandora, Live Nation and its Ticketmaster service.
On Monday, iHeart announced creditors had overwhelmingly approved its plan to reorganize and the company expects to emerge from bankruptcy in early 2019.
The Post reports Liberty insiders are saying that the company is determined to execute its longer-term vision. “Gaining control of iHeart would give Liberty a music four-pack, as it already owns 71 percent of publicly listed SiriusXM Radio.”.
The Post also says it has sources that that “iHeart lenders will own almost all the post-bankruptcy shares and many of them would like to exit at a reasonable price.”
There have also been rumors that Apple is interested in iHeart.
Could be that neither company is that serious about this. But if Malone does decide to have a strong financial interest in iHeart, that will be the end of Pittman at iHeart. Two Super Egos generally cannot co-exist at the same company.
Bob Pittman is not going anywhere. He has a contract with iHeart, and Pittman has made countless millions of dollars in profit for iHeart.
Why would anyone want this POS company??
Apple vs Liberty – if they’re both ‘sirius’ will only drive up the price. Grab your popcorn.