iHeartMedia 'diversifies' into marijuana

|By:, SA News Editor

HeartMedia (OTCPK:IHRTQ) is trading up to $10M worth of advertising inventory for a roughly 5% stake in the publisher of High Times, the 44-year-old marijuana magazine.

This gives the biggest U.S. radio broadcaster the "opportunity to play in the cannabis sector without directly doing it themselves," said High Times CEO Adam Levin.

The company plans to list shares on the Nasdaq toward the end of this month or the beginning of November.

Subscribe for full text news in your inbox