BIG OOH NEWS
Bloomberg report on iHeart bankruptcy reveals JCDecaux SA, the world’s biggest outdoor-advertising company, has expressed interest in buying some of Clear Channel’s assets. Imagine that combination of Decaux’s current inventory combined with Clear Channels.
Five fast points from Bloomberg regarding ‘iHeart bankruptcy deal’ below.
See the fourth point from the news alert.
Bloomberg: Senior iHeart creditors open to deals including Liberty’s
By: Jason Aycock, News Editor
- With a hard-won bankruptcy deal in hand for iHeartMedia (IHRT) that features language allowing for “alternative proposals,” its creditors are open to bids including one from Liberty Media (NASDAQ:FWONA), Bloomberg reports.
- That clause was heavily contested during drawn-out talks before the bankruptcy filing, according to a company lawyer.
- Liberty’s Greg Maffei has said he’s willing to consider raising an offer in an alternate plan that had Liberty taking a 40% stake for $1.16B.
- Meanwhile, JC Decaux (OTC:JCDXY) has expressed interest in iHeart subsidiary Clear Channel Outdoor Holdings (NYSE:CCO).
- IHeart’s Clear Channel Outdoor Holdings Inc unit, is 90 percent owned by the bankrupt company.
