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Why iHeartMedia Is Jumping 12% Higher Today

TheMotleyFool

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Why iHeartMedia Is Jumping 12% Higher Today

Shares of iHeartMedia (NASDAQ: IHRT) were jumping 12% higher in midday trading Thursday after Politico reported the Justice Dept. had agreed to let Liberty Media increase its ownership stake to 50%.

Liberty Media, which also owns a stake in SiriusXM, currently has a 5% position in iHeartMedia, a streaming media company that also owns hundreds of terrestrial radio stations. With increased ownership, Liberty will have a broad reach into virtually all facets of mass media.

Image source: Getty Images.

Source Fool.com

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