iHeartMedia, the largest radio company in the United States, is seeking to invest in a number of companies, including Apple, before filing a restructuring plan with a bankruptcy court Financial Times . Sources say the Financial Times said Apple is one of several investors and iHeartMedia is looking for a multi-billion dollar stake. Other sources of millions of dollars suggested that transactions might look like a marketing partnership rather than cashing in directly to the company.
If the deal between Apple and iHeartRadio comes to an end, Financial Times could be added to Apple Music Beats 1 and brought to broadcast radio. Currently, Beats 1 is only available for Apple Music and iTunes applications. According to the report, industry executives say Apple's music show on Beats 1 by DJs like Zane Lowe did not grow the service user base in an important way for Apple.
Apple has previously acquired several music companies. We bought Shazam, a song recognition app, and Beats, which laid the foundation for Apple Music. But investing in outside companies is less common for Apple. The company most recently has a stake in the microchip business of Didi Chuxing and Toshiba, China's native services. However, despite its debt and bankruptcy filings, iHeartRadio has dominated the radio industry with more than 850 stations with significant influence at such celebrated events as the iHeartRadio Music Awards.