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| Greg Maffei |
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.
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