iHeartMedia (IHRT) is exploring a sale of part or potentially all of its podcast unit in order to raise cash and boost its floundering stock price, Bloomberg reported Wednesday, citing people familiar with the matter.
The company was in preliminary talks with investment bank Moelis (MC) and some potential investors on a possible sale of the podcast division, which accounted for 17% of iHeart's total revenue in Q3, the report said, citing the people.
iHeartMedia didn't immediately reply to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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