After becoming the largest single shareholder of iHeartMedia following its 2018 bankruptcy restructuring, Liberty Media has sold its stake in the company.
In an SEC filing dated October 5, Liberty revealed it has sold its remaining stake of 5,941,248 shares at an average price of $25.25 per share netting the company $150,016,512. Liberty had previously been attempting to grow its stake in iHeartMedia, at first proposing to acquire up to 40% of the company through its Chapter 11 proceedings. In July 2020, the DOJ approved Liberty’s petition to gain pre-approval to own up to 50% of iHeartMedia through its SiriusXM Group subsidiary to add to its 71% stake of SiriusXM and 33% of LiveNation.
Another media conglomerate, the UK based Global Media & Entertainment is still awaiting permission from the FCC to increase its stake in iHeartMedia.
This story first appeared on radioinsight.com