CEO Greg Maffei told investors during today’s first quarter earnings call that the radio and online broadcaster’s assets are complementary to Liberty’s music holdings.
“iHeart is an attractive free-cash flow generator,” Maffei said. “At the right price, I think it would be additive to our music holdings.”
Liberty made a $1.2 billion proposal to acquire a 40% stake in a restructured iHeartMedia. Under the proposal, Liberty would invest $600 million, SiriusXM would pump in $560 million and the two companies would split newly issued shares in the recapitalized company.
iHeartMedia sought the shelter of bankruptcy court in March, as it worked to restructure a portion of its crushing $20 billion in debt.
The San Antonio-based company operates iHeartRadio’s streaming music service and a concert business, and holds a majority stake in Clear Channel Outdoor.