John Malone’s Liberty Media Corp., which last month officially abandoned a plan buy a stake in bankrupt iHeartMedia Inc., continues to express interest in the nation’s largest radio broadcaster, the Wall Street Journal reported. Liberty, which owns a controlling interest in satellite-radio-broadcasting company Sirius XM, is working on revamping its initial offer, one of the people said. The media company had offered to pay about $1.2 billion for a 40 percent stake in iHeartMedia before withdrawing its bid last month. Liberty’s interest in iHeartMedia sets up a potential bidding battle with California-based private-equity firm Silver Lake, the person said. Silver Lake, which has made an offer for a 20 percent stake in iHeart, has been in talks with the radio-station operator and its creditors about a potential deal.
