Sources have informed us that iHeart may be making an announcement soon about an offer that has allegedly been under wraps. Liberty Media, the parent company of SiriusXM, recently withdrew their offer to buy 40% of the corporation for 1.6 Billion.
iHeart informed the bankruptcy court that the offer was not worth pursuing. Consequently, Liberty said the same thing in the reverse indicating they changed their mind after further investigation seeing results that were below expectations for iHeart which negatively affected the value of the corporation. Rather odd since you would think that information would already be known before an offer is made.
To date, iHeartMedia stock (IHRTQ) continues to decline and is at .24 cents today. Spotify, (SPOT) BTW is $169.76
KUDOS to iHeart for being eons ahead of the other radio corporations in changing the model from a radio corporation to a media corporation in 2014 (Clear Channel to iHeartMedia) the timing was impeccable but speculation on the longstanding massive debt has some investors wondering how the corporation will fair in the next few years with streaming and millennial concepts which steer more towards streaming.