NEW YORK (CelebrityAccess) — John Malone’s Liberty Media Corp on Friday announced that it was pulling its $1.16bn bid for a 40% stake in troubled radio broadcaster and event producer iHeartMedia.
“Liberty Media withdrew its proposal for iHeart after reviewing results which were below expectations and negatively impacted our initial estimates of value,” the Liberty Media said in a press statement to investors.
“We remain open to future discussions as iHeart proceeds with its reorganization,” Liberty’s statement added.
Liberty’s announcement comes a day after iHeart told a bankruptcy court that the company and its creditors no longer saw value in pursuing a deal with Liberty. According to iHeart, sticking points included offer price, corporate governance issues, and challenges in identifying synergies.
After months of speculation, iHeartMedia declared bankruptcy in March, with more than $20 billion in outstanding debt.