Liberty Media Still Interested In iHeartMedia “At The Right Price”

Liberty Media is still interested in iHeartMedia.

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.

Liberty has a controlling interest in satellite radio broadcaster SiriusXM, which, in turn, holds a 19% stake in the streaming music company Pandora.

“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.

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