Liberty Media moves on iHeartMedia.

Liberty Media has made a billion-dollar offer to acquire a 40% stake in a reorganized iHeartMedia, subject to Liberty Media’s approval of the final Chapter 11 plan. Liberty’s involvement is, according to the proposal, “intended to work in concert with the Company’s existing Restructuring Support Agreement discussions and in effect be added to that Plan.” Clear Channel Outdoor would be spun off, Liberty and iHeartMedia’s creditors would each get four seats on the new Board of Directors.