The owners of Absolute Radio, Times of India, have given the station long-term backing after failing to find a buyer.
Reports suggested Richard Branson and UTV were both interested in buying the station, but did not offer anywhere near the asking price.
Absolute Radio Chairman & Times of India CEO Ravi Dhariwal commented, “Absolute Radio has demonstrated great digital innovation, thought leadership and has significantly grown its business in the last 12 months – we have great confidence in the British digital economy, in the One Golden Square team and in Absolute Radio’s senior management as it heads towards breakeven in 2012 and we look forward to continuing to invest in the business for many years to come”.
Absolute Radio CEO Donnach O’Driscoll commented, “As we head towards our third birthday One Golden Square continues to lead the radio industry. We have exciting plans afoot, including new launches – this business is just getting started”