Honeycomb Investments Ltd, an investment vehicle funded by Global investor Michael Tabor, has taken an 8.8% share in America’s largest radio company iHeartMedia.
iHeart owns more than 850 radio stations in 153 markets across America, including Z100, KIIS FM and KTU.
The investment, representing over $117m (£85m), makes Honeycomb one of the larger shareholders in iHeart but does not give them any executive function at the company or its board.
iHeart announced in November last year that it had received authorisation from the Federal Communications Commission to increase foreign ownership to up to 100% of its shares, although individual investors still need regulatory approval for significant shareholdings.
The deal is not connected with Global, which is funded by the Tabor family and run by Ashley Tabor-King, Founder and Executive President.
A Honeycomb Investments spokesperson told RadioToday: “Honeycomb Investments Ltd has acquired circa 8.8% shareholding in iHeartMedia, as disclosed in our SEC filing on Friday. iHeart is the largest radio business in the US and Honeycomb is pleased to be able to have acquired this stake in a sector that it knows well.
“Honeycomb’s investors, the Tabor family, own Global, the largest radio and outdoor advertising company in the UK.”