SAN ANTONIO (CelebrityAccess) iHeartMedia, the country’s largest radio company, may have a suitor in private equity firm Silver Lake Partners.
Silver Lake is in talks with iHeart creditors, two sources told the New York Post. The bankrupt iHeart has been eyed by John Malone. Malone’s Liberty withdrew a proposal to buy 40 percent of the company for $1.16 billion last month.
iHeart, once known as Clear Channel, has a stake in facility management company / facility owner Oak View Group, while Silver Lake has a stake in Endeavor, formerly known as the WME | IMG marketing / sports combo.
The San Antonio-based iHeart is on pace to shed its bankruptcy status in October and then will reduce its debt from $20 billion to $10 billion and seek a new buyer, a source close to the situation told the Post.
The company has 849 radio stations nationwide.
