Is iHeart A Target?

Reporting from Tom Taylor sure makes it seem like Liberty Media is going after iHeartMedia in a big way. For one thing, Liberty has been buying up iHeart debt. And then there is the fact that the Chapter 11 filing specifically allows for “alternative proposals” – an unusual provision in such a filing. (As reported a couple of weeks ago in this newsletter, Liberty made a last-minute offer to acquire 40% of iHeart.)

Taylor wrote in his NOW Newsletter that his exploration of the filings associated with the iHeart Chapter 11 proceedings turned up the name of a couple of attorneys who work for a firm that represents Liberty Media. It all adds up to the fact that Liberty is serious about adding iHeartMedia to its portfolio.