After filing for Chapter 11 bankruptcy earlier this year, iHeartRadio is seeking investors.
As the largest radio company in the US, iHeartMedia revealed it was $20 billion in debt in March. Now the financially troubled radio giant is reportedly exploring investment opportunities with several companies. Apple is one of the investors being considered, a source told the Financial Times. While iHeartRadio is looking for a deal that would equate to tens of millions of dollars, it could potentially come in the form of a marketing partnership rather than a direct buy out.
If a deal were to come to fruition, there is a gain for Apple. The Times also noted that an iHeartRadio acquisition could being wider distribution to Apple Music’s Beats 1, with audiences across broadcast radio rather than solely through Apple’s current channel of mass distribution. Currently, Beats 1 Radio is only available through the Apple Music and iTunes apps.
H/T: The Verge