GCap Media have taken the nine radio stations it announced were for sale last November, off the market. The main reason being that year revenues were down 13 percent.
In a statement released this morning, GCap says: “Several offers have been received for this portfolio of assets. The Board does not believe that it would be in the best interests of GCap’s shareholders to sell these businesses at the level of the offers received having taken account of the likely post tax proceeds and the dilution to earnings per share from disposal. Accordingly, the sale process has been terminated and the stations will be retained as integral parts of the Group.
The stations concerned remain attractive assets which will be managed for growth under the existing structure.”
The nine stations, which were orignally expected to raise 60million pounds for GCap, are the former Marcher Group stations in the Northwest and North Wales: MFM, Buzz 97.1, Coast FM and Champion FM plus Southwest stations Gemini FM, Plymouth Sound, Orchard FM, Lantern FM and South Hams Radio.