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Liberty Media, iHeartMedia, and the Braves

jabba17

jabba17

I'm sure Cumulus and Dickey have the right to keep the Braves until their contracts with Liberty Media run out, but if Liberty Media winds up owning 40% of iHeartMedia could that influence who gets the Bravos' PXP the next time it's up?

The same thing would apply to the Gwinnett Strippers and Cox.

Would iHeartMedia ever consider putting the Spanish PXP on El Patron? Or is that too much of a niche market for a decent-sized FM?

And would iHeartMedia ever bother with putting the Braves on both an AM and FM signal (vs FM only) anymore? WGST is pretty much a dead letter OTP after dark.
 
jabba17 said:
I'm sure Cumulus and Dickey have the right to keep the Braves until their contracts with Liberty Media run out, but if Liberty Media winds up owning 40% of iHeartMedia could that influence who gets the Bravos' PXP the next time it's up?

The same thing would apply to the Gwinnett Strippers and Cox.

Would iHeartMedia ever consider putting the Spanish PXP on El Patron? Or is that too much of a niche market for a decent-sized FM?

And would iHeartMedia ever bother with putting the Braves on both an AM and FM signal (vs FM only) anymore? WGST is pretty much a dead letter OTP after dark.
Click to expand...

They have before with 94.9 and 96.1
 
In other news...Liberty has supposedly offered to pay $1.16B for a 40% stake in iHeart. Liberty would also control 4 board seats out of a newly constituted board of 9 members. iHeart would also control 4...no mention of the 9th seat. This is all contingent on a structured Chapter 11 for iHeart. Justice department approval is a question mark as Liberty also controls Sirius/XM.
What do you guys think?
 
I doubt the creditors will go for that. $20 billion even cut 75% is still $5 billion. 40% of 5 billion is $2 Billion.

iHeart’s resurrecting might not go as well as Cumulus.

IMHO Bain capital and Thomas Lee should lose control of iHeart. If they go down the Cumulus path, the creditors will retain a large portion of their debt and get controlling shares in the new company.
 
wavo said:
In other news...Liberty has supposedly offered to pay $1.16B for a 40% stake in iHeart. Liberty would also control 4 board seats out of a newly constituted board of 9 members. iHeart would also control 4...no mention of the 9th seat. This is all contingent on a structured Chapter 11 for iHeart. Justice department approval is a question mark as Liberty also controls Sirius/XM.
What do you guys think?
Click to expand...

Liberty's offer values iHeart at $7.5 billion. iHearts creditors are saying the company should be valued at $8.5 billion.
 
RoddyFreeman said:
Liberty's offer values iHeart at $7.5 billion. iHearts creditors are saying the company should be valued at $8.5 billion.
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Liberty wants the company to sell off the Outdoor division before they invest. That may account for the difference in value.

The creditors don't want to sell off Outdoor...that's a big profit sector for the company.

But they want cash when they do an IPO and this is a quick and easy way to get it.
 
ThePowerCow said:
They have before with 94.9 and 96.1
Click to expand...

Yes, I know. My question is would iHeart even bother with an AM signal for PXP anymore...especially a crappy night signal like WGST--or would they go FM only, which AFAIK they have never done. Not counting Cumulus putting the Hawks on one of their translators (ditto for Cox and the Strippers and Glads).
 
RoddyFreeman said:
That would be great if they were sold to a good local owner. I never liked the idea of Liberty owning the team.
Click to expand...

Liberty Media has been a crappy owner and the sooner they sell the Barves the better.
 
jabba17 said:
Liberty Media has been a crappy owner and the sooner they sell the Barves the better.
Click to expand...

I read an article in one of the business magazines about how the Braves have persuaded local governments to build new ballparks at the A, AA, AAA and major league levels. A Liberty executive was quoted saying something to the effect of, "When we purchased the Braves, we thought we were in the sports team business. Now we realize we're in the real estate business." In other words, the Braves are being used as a vehicle for making money in real estate.
 
Liberty Media isn't interested in Clear Channel Outdoor.

Don't most FM stations rent tower space from another broadcaster (like a TV station) or a tower company like American Tower?

I also wonder how much AM tower real estate is left to be monetized. WSB's land has a shopping center on it, and WCNN's and WDWD's towers are in floodplains, for some examples. I'm guessing most of the Cheshire Bridge tower gulch is in a floodplain, too, considering how close it is to Peachtree Creek.

WPLO's old site was sold off decades ago, replaced by the floodplain that WDWD is on.

Eventually someone will buy WWSZ (WATB/WAVO)'s plant and do something else with that real estate, much like when they built condos where the Softball Country Club across the street used to be, although no telling who owns it all and the land around it.

I don't see the land that WGST and WAOK sit on being worth much.
 
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jabba17 said:
Liberty Media isn't interested in Clear Channel Outdoor.
Click to expand...

That's where they differ with the other creditors. That seems to be complicating the negotiations.

jabba17 said:
Don't most FM stations rent tower space from another broadcaster (like a TV station) or a tower company like American Tower?
Click to expand...

iHeart sold all of their towers and land to Vertical Bridge several years ago. So yes they rent space from them.
 
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