Apple in Talks to Acquire Stake in iHeartMedia

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Apple has reportedly held talks to acquire a stake in iHeartMedia. The talks are still in the preliminary stage, with no word on when and if the deal will be finalized.

iHeartMedia is hoping that Apple will take an equity stake in its business worth millions of dollars. The original report from Financial Times says that the deal could lead to a multi-million dollar partnership between the two companies rather than Apple making a direct investment.

iHeartMedia filed for chapter 11 bankruptcy in March this year. Apple could use a partnership with iHeartMedia to further boost the presence of Apple Music and improve its content discovery.

Since the talks between both companies are still in preliminary stages, there’s always a possibility that it could fall through or take a completely different path with Apple acquiring iHeartMedia.

Apple Music currently lags behind Spotify in the total number of users, but the former is growing at a faster rate and its expected to overtake Spotify by the end of this year or early next year.

Apple started its music streaming service after acquiring Beats for $3.2 billion in 2014. More recently, Apple completed its acquisition of music discovery app Shazam.

[Via Reuters]