SIRIUS/XM PARENT BIDS ON iHEART

The parent company of SiriusXM has offered to buy a 40% stake of iHeartMedia for $1.16 billion, various outlets have reported.

John Malone’s Liberty Media made the proposal via a term sheet issued to some lenders and noteholders of iHeart, which is in a soon-to-expire grace period to restructure $15b-$20b in debt and avoid bankruptcy. Franklin Advisers made the offer public.

The document, Reuters reported, reveals that Liberty would finance working capital needs once iHeart has filed for Chapter 11 bankruptcy. Come Friday, creditors could request that iHeart pay back loans in full.