IHeartMedia Inc., the biggest U.S. radio broadcaster, formally turned down a $1.16 billion bid from John Malone’s Liberty Media Corp., but other talks are continuing as the company navigates its way through bankruptcy, Bloomberg News reported. Liberty officially withdrew its bid June 15 after being informed that its offer for a 40 percent stake wasn’t enough to satisfy the company or its senior creditors, iHeart said in court filings on Thursday. The broadcaster still has “active conversations with other interested parties” and remains “willing to continue dialogue with Liberty,” iHeart said. “It is possible that such efforts result in the debtors obtaining a higher or better offer.” The pursuit of iHeart adds to a media-merger frenzy, as cable and telecom operators look to boost flagging growth by adding content providers. IHeart collapsed into bankruptcy this year after a 2008 leveraged buyout overloaded the company with debt that topped $20 billion. But it still ranks as the No. 1 U.S. operator of conventional radio stations, with 850 outlets and stars such as Rush Limbaugh, Ryan Seacrest and Sean Hannity. Based in San Antonio, Texas, iHeart also owns an online music streaming service, a live entertainment division and outdoor billboard advertising.
