iHeartMedia


'iHeartMedia' Articles

New Details on Apple's Negotiations With iHeartMedia Surface

Earlier this month, Financial Times reported that Apple had held talks with U.S. radio company iHeartMedia regarding the possibility of Apple taking a financial stake in the struggling radio company that filed for bankruptcy earlier this year. Despite its financial troubles, iHeartMedia remains the largest radio station owner in the country with over 850 AM and FM stations. Financial Times has followed up with a new report today outlining some additional details on the negotiations between Apple and iHeartMedia, and while no deal has been struck, it appears Apple is considering several options that would help it leverage iHeartMedia's expertise in terrestrial radio and promote Apple Music and Beats 1 to millions of potential customers.According to people familiar with the negotiations, Apple has considered buying a stake in the radio group, as well as signing a marketing or promotional partnership. Another option under consideration is for Apple to acquire iHeartRadio’s streaming platform, which would be a relatively cheap way to reach the service’s 120m registered users.One unnamed music executive quoted in the story notes that the millions of radio listeners around the world will "inevitably migrate" to online options over time, and Apple undoubtedly would love to make Apple Music the destination for those users as it continues to compete with the likes of Spotify. The report also notes that Apple Music's user base has grown to 56 million subscribers, up from 50 million as of May. While the increase has pushed Apple past Spotify to become the largest music

Apple in Talks to Buy Stake in U.S. Radio Group iHeartMedia

Apple has held talks with iHeartMedia to buy a stake in the U.S. radio company, according to a new Financial Times report citing people familiar with the matter. iHeartMedia is currently $20 billion in debt, with audiences gradually turning away from radio in favor of digital music services like Spotify, Apple Music, and Pandora. The radio group filed for bankruptcy in March, and has been in contact with several potential investors ahead of a deadline later this month to file a reorganization plan with the bankruptcy court. iHeartMedia is hoping Apple will take an equity stake worth millions of dollars, according to FT sources, although discussions between the two companies are still in the early stages and no deal has been agreed. Apple declined to comment, while iHeartMedia did not respond to multiple requests for comment. The report suggests Apple is angling for a deal in order to gain a platform for wider distribution of its Beats 1 radio station and increase awareness of Apple Music: A partnership could see Apple Music’s Beats 1 radio station, which is only available through its apps, make its debut on broadcast radio. Extra distribution would give Beats 1 and Apple Music greater awareness among older audiences who are later adopters of streaming services. A deal would also put the Apple station into more cars or kitchens. Despite being billions of dollars in debt, iHeartMedia remains the largest radio broadcaster in the United States, with more than 850 stations operating across the country. One music industry executive who spoke to FT described the