Media Top Stories

Global buys GMG Radio

By | Published on Monday 25 June 2012

GMG Radio

After much speculation that a sale was in the offing, the Guardian Media Group has sold its radio business, GMG Radio, which runs the Smooth and Real Radio networks, to Capital and Heart owner Global in a deal thought to be worth £50 million.

The deal will likely need regulatory approval, but according to Radio Today the boss of GMG Radio, Stuart Taylor, will depart with immediate effect. Global’s MD for the regions, Mark Lee, will then be seconded to GMG Radio as CEO in the interim. Once fully merged, some reckon Real Radio stations will be relaunched as Heart outposts, further expanding the MOR pop station brand’s FM reach.

Commenting on the deal, Global boss Ashley Tabor says: “We are pleased to have concluded this deal, and once the required approvals have been received, we will look forward to welcoming the GMG radio stations into the Global family. We believe that this is a very strong business with brands and assets that are highly complementary to those of Global Radio”.

Guardian Media Group chief Andrew Miller added: “Our portfolio of investments that lie outside our core national newspaper business exist to underpin the long-term financial and editorial integrity of The Guardian. If we believe that best value for the Group lies in the disposal of a non-core asset, then we will do so”.

He continued: “The talented team at GMG Radio have been very successful in building strong brands, which have been attractive to listeners and advertisers and have attracted considerable external interest. We believe that this transaction gives the business an excellent opportunity to develop and flourish as part of Global Radio. I would like to thank everyone at GMG Radio for their outstanding achievements over the last few years and wish them every success for the future”.

Radio Today has also published memos sent to staff members at the two companies.

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