Bloomberg is reporting that iHeartMedia “is exploring the sale of part or potentially all of its podcast business in an effort to raise cash and boost its struggling stock price.”
iHeart has held discussions with investment bank Moelis & Co. and potential investors on either a full or partial sale of the company’s podcasting unit. Bloomberg notes that the talks are in the preliminary stage. The talks follow iHeart’s discussions with SiriusXM about a merger earlier this year with one of the roadblocks being over what to do with the broadcast radio division.
iHeartMedia stock has been in freefall since Monday’s Q3 earnings report that has seen the stock drop from over $2 per share last week to 61 cents per share at open today. Podcast revenue was one of the bright spots of the report with the segment up 24% year-to-year to $174 million for the quarter.
