IHeart Investor Global Media Looks to Buy Nearly Half of Company
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The second-largest investor in IHeart Media Inc. is seeking approval to boost its stake to nearly 50%, increasing its bet on the biggest owner of radio stations in U.S.
Global Media & Entertainment Investments Ltd., an investment firm run by British businessman Michael Tabor, has already acquired an 8.7% stake in IHeart. It said in a regulatory filing Monday that it had applied to the Federal Communications Commission for advance approval to increase its IHeart holdings to as much as 49.99%.