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Liberty Media Puts in Offer for iHeartMedia Ownership.  Out of the blue, Liberty Media – controlling owner of SiriusXM and minority stakeholder in Pandora – is offering $1.159 billion for a 40% stake in the new iHeartMedia.  This comes as iHeartMedia is very close to defaulting on a $103 million debt payment that could push the company into bankruptcy.  As it stands, iHeartMedia is negotiating with senior creditors to arrive at a pre-packaged bankruptcy that would greatly reduce the company’s $20 billion in debt in exchange for equity.  The Liberty offer is designed not to replace the current offer by senior creditors but to add Liberty to the mix.  Liberty’s offer is for a 20% stake held by Liberty, another 20% held by SiriusXM, four seats on the new company’s nine-member board, and Clear Channel Outdoor would be spun off as a taxable transaction.  Some experts say this offer has no chance of being accepted.  Sources quoted in a New York Post story say the offer undervalues iHM’s 850 radio stations – putting its value of iHeartMedia at $7.5 billion, less than the $8.5 billion Franklin Resources places on it.  Franklin is leading the senior creditors group.  One source expects iHM to proceed with a bankruptcy filing on March 3.

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