On Wednesday (November 11), Bloomberg reported that iHeartMedia was in discussion with investment bank Moelis & Co, and others, to possibly sell off all or part of its podcast business amid low profits and struggling stock.
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Now, iHeartMedia — which is the largest U.S. radio station owner — has one of the biggest podcast networks. It includes shows like ‘The Breakfast Club,’ ‘Way Up With Angela Yee,’ ‘Outlwas With Ts Madison,’ ‘Dear Chelsea,’ ‘Club Shay Shay, ’The Questlove Show,’ ‘On Purpose with Jay Shetty,’ ‘Stuff You Should Know,’ ‘Las Culturistas,’ and many more.
According to the unconfirmed sale reports, iHeartMedia allegedly positioned the deal to raise cash and boost its struggling stock price. The reports also arrived as iHeartMedia’s share price dropped 65 percent in the past five days.
Share prices then spiked 16 percent after Bloomberg’s report. According to Edison, iHeartMedia’s podcast business has been reporting $174 million in revenue for the past quarter. This number is up 24.6 percent compared to last year.
However, shortly after reports surfaced, a spokesperson for iHeartMedia denied the claims. According to The Hollywood Reporter, a rep said:
“While we don’t generally comment on rumors or speculation, I can tell you that we have no plan to sell our podcasting business. iHeart has built the number one podcast publisher in America, with unmatched scale, premium talent and strong financial performance. Podcasting is a core strategic growth engine for our company, and we continue to invest in expanding its reach and potential, including through video podcasting.”
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