Nine months ago, a Bahamian company directed by one of the U.K.’s wealthiest individuals and behind Great Britain’s Global radio empire revealed in a filing with the U.S. Securities and Exchange Commission that it had acquired enough iHeartMedia shares to give it a 8.7% voting interest in America’s biggest audio content creation and distribution company.
Global Media & Entertainment Investments Ltd (GMEI) wanted a bigger non-controlling stake in iHeart — one that could expand to 49.99%, if it chose to. But, iHeart didn’t want this, sparking a transcontinental tiff between the two radio industry giants.
On November 3, GMEI, through its U.S. legal counsel, abruptly ceased its fight for a bigger iHeart stake.
