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Apple Held Talks to Take Stake in iHeartMedia: Report

Apple Held Talks to Take Stake in iHeartMedia: Report

By Reuters | Updated: 1 November 2018 13:53 IST

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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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