Liberty Media, the owner of SiriusXM Radio, on Friday said it has pulled a proposed deal to inject $1.16 billion into iHeartMedia according to the Hollywood Reporter.
The move reportedly follows iHeartMedia, which owns radio/music platform iHeartRadio, rebuffing a proposed cash injection from Liberty Media in return for a 40 percent stake.
Liberty Media Corporation provided the following update today on the proposed iHeartMedia, Inc. equity investment:
“Liberty Media withdrew its proposal for iHeart after reviewing results which were below expectations and negatively impacted our initial estimates of value. We remain open to future discussions as iHeart proceeds with its reorganization.”
