After submitting for chapter earlier this 12 months, it seems iHeartRadio is looking for buyers.
The radio large revealed that it was $20 billion in debt in March and has reportedly been exploring investments with a number of corporations in accordance with their reorganization plan. According to the Financial Times, Apple is among the buyers being thought-about, and iHeartRadio is in search of a deal that may equate to tens of tens of millions of . Another supply advised the Times that the deal could possibly be within the type of a advertising partnership as an alternative of direct money infusion into the corporate.
The Times additionally famous that if the deal had been to occur, Apple Music’s Beats 1 could possibly be distributed to a wider viewers in broadcast radio, versus simply via Apple Music and iTunes.
While Apple declined to remark, the partnership could possibly be large for music distribution in each corporations.
H/T: The Verge