- The Justice Dept. has approved a deal allowing Liberty Media (LBTYA -0.8%) to boost its stake in iHeartMedia (NASDAQ:IHRT) to 50%, from a current position of about 5%.
- IHeartMedia is up 13.6% to a two-week high.
- Liberty has been seeking approval for months to boost its stake in iHeart, as the DOJ focused on whether such a deal involving the country's largest network of broadcast radio stations would be anticompetitive.
- Liberty already holds a controlling stake in SiriusXM (and therefore Pandora), as well as a one-third stake in concert promoter Live Nation Entertainment.