Apple Held Talks to Take Stake in iHeartMedia: Report

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Apple Held Talks to Take Stake in iHeartMedia: Report
Highlights
  • Discussions between the two companies remain at a preliminary stage
  • Tie-up could result in a multimillion-dollar marketing partnership
  • iHeartMedia filed for chapter 11 bankruptcy in March

Apple has held talks with iHeartMedia to take a stake in the US radio company, the Financial Times reported on Thursday, citing people familiar with the matter.

The discussions between the two companies remain at a preliminary stage and no deal has been agreed, the report said, citing sources.

iHeartMedia is hoping the iPhone maker will take an equity stake worth millions of dollars, the FT reported citing one of the sources.

The tie-up could result in a multimillion-dollar marketing partnership rather than a direct investment, the report said citing another source.

iHeartMedia filed for chapter 11 bankruptcy in March, after reaching an agreement with creditors to more than halve its $20 billion (roughly Rs. 1.5 lakh crores) debt.

In June, John Malone's Liberty Media withdrew its proposal to invest in iHeartMedia.

Apple and iHeartMedia did not immediately respond to requests for comments.

© Thomson Reuters 2018

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