Apple explores iHeartMedia stake

|About: Apple Inc. (AAPL)|By:, SA News Editor

Apple (NASDAQ:AAPL) is turning to traditional broadcasting to boost its streaming service, exploring a tie-up with iHeartMedia (OTCPK:IHRTQ), the largest U.S. radio group that is attempting to claw itself out of bankruptcy, FT reports.

iHeartMedia is hoping Apple will take an equity stake worth tens of millions of dollars, but others suggested the deal could result in a multimillion-dollar marketing partnership rather than a direct investment.

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