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Investing.com — iHeartMedia (NASDAQ:IHRT) jumped 13% Thursday after the Department of Justice approved Liberty Media’s bid to increase its stake in the company.
The deal approved by antitrust prosecutors allows Liberty to increase its shares in iHeartMedia up to 50%, Politico reported citing a DOJ representative, from its current 5% stake. Liberty owns a controlling stake in SiriusXM and streaming service Pandora (OTC:PANDY). The company also holds a stake in concert group Live Nation Entertainment (NYSE:LYV).
iHeartMedia shares are down by more than half since the start of 2020.
Liberty Media Corp SiriusXM is down about 0.8%.
