Global seeks approval to own almost half of iHeartMedia
Global Media & Entertainment Investments has sought permission to take almost 50% shareholding in iHeartMedia, Inc.
Global currently holds just under 9% shareholding of iHeartMedia after an investment vehicle funded by Global investor Michael Tabor (previously known as Honeycomb) made the transaction last month.
Global Media’s lawyer informed iHeart’s counsel of its plans on February 5 to take on more shareholding and said any further stock acquisition and request for routine advance approval wouldn’t be hostile in nature.
In a conference call on February 18, 2021 between Ashley Tabor-King OBE, representing Michael Tabor, and iHeart’s senior management Robert Pittman, chief executive officer and president and Richard Bressler, president, chief operating officer and chief financial officer, the same message was communicated.
A letter on March 12 sent by Global Media’s lawyer to Albert Shuldiner, chief of the FCC’s audio division, suggests Global Media & Entertainment Investments’s request for advance approval to hold a non-controlling interest in iHeart up to 49.9% should be considered and acted upon by the FCC quickly and without delay.
Global Media & Entertainment Investments is a company organised under the laws of the Bahamas, owned by Michael Tabor, father of Ashley Tabor-King, founder and executive president of Global in the UK.
iHeartMedia owns more than 850 radio stations in 153 markets across America, including Z100, KIIS FM and KTU.