Richard Wheatly the man who sold Jazz FM to Guardian Media Group for £44.5m six years ago and relaunched it in October last year through The Local Radio Company is planning a management buyout of the station.
Wheatly has stepped down from the board of the group he founded and set the wheels in motion to take over the running of Jazz FM. He’s expected to be joined in his bid by Alistair Mackenzie, his former finance director at Jazz FM and The Local Radio Company. It’s expected that Wheatly will start bringing investors on board next week.
Jazz FM, after a hiatus under the Smooth FM banner, returned to air last year but on DAB digital radio multiplexes not FM and garnered a string of high profile sponsors in spite of a stagnating advertising environment.