Is Apple considering investing in iHeartRadio?
The radio giant revealed that it was $20 billion in debt in March and has reportedly been exploring investments with several companies in accordance with their reorganization plan. According to the Financial Times, Apple is one of the investors being considered, and iHeartRadio is looking for a deal that would equate to tens of millions of dollars. Another source told the Times that the deal could be in the form of a marketing partnership instead of direct cash infusion into the company.
The Times also noted that if the deal were to happen, Apple Music’s Beats 1 could be distributed to a wider audience in broadcast radio, as opposed to just through Apple Music and iTunes.
While Apple declined to comment, the partnership could be huge for music distribution in both companies.
H/T: The Verge