Liberty Media, the parent company of Sirius XM, has formally withdrawn its offer to acquire 40% of iHeartMedia, the bankrupt radio conglomerate, for $1.16 billion. The announcement came as iHeartMedia informed the bankruptcy court on Thursday that neither the company nor its senior creditors thought the transaction was worth pursuing.

Topics:  liberty media   sirius xm   billion   offer   iheartmedia   company   
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