They own 5% of iHeart now but failed to take control just prior to iHeart’s bankruptcy as John Malone expands the mergers long game.
Malone is not messing around. He took the unusual step of asking the DOJ to approve the merger before he gets it done. Approval is usually sought after you have a deal. Liberty is playing a chess game with principal iHeart stakeholder Bain Capital. We’re now learning why a beleaguered radio industry is so critical to Liberty’s future. How they will likely remake iHeart and the significant effect the merger could have on iHeart’s main competitors – Entercom and Cumulus as well as the music business. For surviving iHeart employees – which side should you root for?
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