As Thursday's trading on Wall Street got underway, none other than Bob Pittman and Rich Bressler rang the Opening Bell for NASDAQ, in commemoration of iHeartMedia 's full emergence from debtor-in-possession status and new trading under the ticker symbol "IHRT
(LMCA) has continued to express interest in bankrupt iHeartMedia (IHRT
), despite officially abandoning a plan to purchase a stake in the radio broadcaster last month, potentially setting up a bidding battle with private equity firm Silver Lake, the Wall Street Journal reports, citing people familiar with the matter.
* JP Morgan initiated coverage on iHeartMedia Inc (NASDAQ: IHRT
) with an Overweight rating.
In an SEC filing made late Monday, iHeartMedia revealed just when it will cease trading on the OTC as "IHTM" and shift to Nasdaq under the ticker symbol "IHRT
The analyst said it is "not surprising" Liberty has been looking at other uses of cash such as iHeart (IHRT
) instead of buying more stock.
* iHeartMedia (NASDAQ: IHRT
) shares moved down 5.06% on Friday to hit a new 52-week low of $14.98, drifting down 5.06%.
Upon listing, iHeartMedia's Class A common stock will trade under the ticker "IHRT
) announced that it has reached an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors.
Also gaining ground: iHeartMedia, which soared 5 cents to $0.71 at it prepares to exit Chapter 11 bankruptcy protection and trade once again as "IHRT
This sent IHRT
's OTC Pink shares down 21.9%, finishing the day at 43 cents.
The publicly traded "stub" of "iHRT
" finished Wednesday's trading on the OTC Pink exchange with a 3-cent dip to $0.52.
As of the last trade seen by 3pm Eastern Friday, IHRT
shares were down 12.5%, to 63 cents.