Home IPO DOJ Reportedly May Challenge Liberty Media’s Acquisition of iHeartMedia – Stock Market – Business News, Market Data, Stock Analysis

DOJ Reportedly May Challenge Liberty Media’s Acquisition of iHeartMedia – Stock Market – Business News, Market Data, Stock Analysis

by TradingETFs.com

The U.S. Department of Justice may challenge Liberty Media’s attempt to acquire iHeartMedia (IHRT) – Get Report, the New York Post reported.

The newspaper said lawyers with the department will review potential antitrust implications of a merger over concerns about the potential for reduced competition.

Earlier this month, The Wall Street Journal said an affiliate of Liberty Media was seeking Justice Department permission to buy a larger piece of iHeartMedia.

Liberty owns a 4.8% stake in iHeartMedia through Liberty SiriusXM Group and the transaction under consideration could give it control or outright ownership of the broadcaster.

Antitrust officials declined to bless the plan immediately, saying they needed more time to review the fallout of any deal, the Post said.

Liberty’s Sirius has not yet made an offer for iHeartMedia, which emerged from bankruptcy six months ago, the Post reported, citing an iHeart source with direct knowledge of the situation said.

iHeartMedia’s three largest shareholders, who control about 50% of the stock, are expected to demand more than $20 a share, the source said.

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