Both The Wall Street Journal and Marketwatch are reporting that John Malone’s Liberty Media has asked the Justice Department for permission to buy a larger piece of iHeart. Liberty now owns 4.8% of iHeart through Liberty SiriusXM. The reports state that the new deal could give Liberty control or outright ownership of iHeart. Liberty acquired its stake in the broadcaster via debt before the company restructured.
This would be the end of iHeart as we know it, with Bob Pittman as boss. Egos. And for sure, Malone will want to run the show, with his minions and not Bob’s.