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Report: Liberty Media eyeing 40% stake in iHeartMedia

Liberty Media Corp. is looking to buy a 40% stake in iHeartMedia Inc. for $1.16 billion in cash, The Wall Street Journal reported Feb. 26.

The news comes as the radio company has been negotiating a restructuring of its more than $15 billion in debt with lenders.

Liberty Media also controls Sirius XM Holdings Inc., and a tie up with iHeartMedia could combine the large radio broadcaster with the leading satellite radio provider.