Global Radio has finalised its takeover of the Heart, Galaxy and LBC brands from previous owners Chrysalis. Shareholders have approve the deal to sell the radio stations to Global for £170m in total. The deal was brokered last month after Chrysalis reviewed its radio portfolio and decided to sell.
Former ITV executive Charles Allen will chair Global Radio, which was founded by Ashley Tabor. Tabor will be the CEO.
Former Capital and Magic programme director Richard Park has joined the company as an Executive Director.
Today, Charles Allen said: "We are very pleased that our company has succeeded in securing these assets, and I and my colleagues now look forward to working with the teams, which have done such a great job building these brands, to further develop the business. It is an exciting time for the radio industry, and we are sure Global Radio will be playing an important role in the coming years."
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