Global Radio has today announced the successful sale of eight of its Midlands radio licences to Lloyds TSB Development Capital and radio industry veteran Phil Riley, for an undisclosed sum.
The stations involved are BRMB – Birmingham, Mercia FM – Coventry, Beacon FM – Wolverhampton & Shropshire, Radio Wyvern – Worcester, Gold stations in Birmingham, Coventry and Wolverhampton and Heart 106 in the East Midlands, which will continue broadcasting as Heart 106, operating under a brand licence from Global.
Ashley Tabor, Global Founder and Group CEO said: “We are delighted to have concluded this deal with LDC and Phil Riley, who will be great owners of these fantastic stations. We are pleased that the Heart brand remains on air in the East Midlands, where audience numbers are going from strength to strength.”
Phil Riley, CEO of the new group said: “We are delighted to be taking ownership of these stations. I have a real passion for radio in the Midlands as someone who has spent most of his working life in the region, and LDC are perfect partners given their Birmingham base. These stations represent a fantastic opportunity for growth and we can't wait to start working with the teams there."
It is thought exclusive talks with Bauer Media ended last week.