Liberty’s Grip On iHeart Grows Stronger
Last weekend, Liberty Media, the majority stockholder of SiriusXM submitted a lengthy term sheet “to certain of [iHeartMedia’s] lenders and noteholders” containing an ambitious blueprint to achieve a restructured iHeartMedia, Inc. Liberty proposed a $1.159 billion cash investment in a reorganized iHeartMedia, and, in exchange, according to the term sheet, “20% of the New Common Shares shall be held by Sirius and 20% of the New Common Shares shall be held by Liberty Media.” The plan also calls for “[Clear Channel] Outdoor shall be spun off in a taxable transaction. And now we wait…