Liberty Media is positioning itself to become a bigger player in the music industry by acquiring 40 percent of radio giant iHeartMedia Inc. and lead the iHeartMedia’s reorganization if it declares Chapter 11 bankruptcy.
The move would make Douglas County-based Liberty Media Corp., the flagship company of cable mogul John Malone’s empire, a force in traditional radio as well as streaming, satellite and live music.
San Antonio-based iHeartMedia is the radio station giant and online music business formerly known as Clear Channel. It owns 850 radio stations, 24 in Colorado that include KOA, KHOW and KBCO in the Denver area.
iHeartMedia has struggled to keep up with payments on billions of dollars in debt its private equity owners took on purchasing the company.
