UBC Media Group has sold the Radio Lynx content business it bought three years ago to former managing director Steve Leavesley.
UBC paid £1.6m for the advertiser funded content business three years ago but has let it go today for £300,000, payable over two years.
The proceeds of the Sale will be used by UBC to invest in its interactive operations where growth is expected to come both organically and from acquisition. Lynx Content will be relocated out of UBC’s offices and this will give the Company the opportunity to reduce its premises costs immediately.
UBC Chief Executive Simon Cole said: “Ten weeks ago, we outlined that our strategy was to concentrate our efforts on the higher growth and more internationally focussed interactive elements of our business. Our strong balance sheet means that we are under no pressure to look for disposals; however, where we see opportunity to realise cash and more immediate shareholder value from the lower growth elements of our business then we will do so.
“This deal allows us to reduce overheads and generate cash. Steve will be able to operate the business on a reduced scale; we wish him all the best for the future and thank him and the Lynx team for their work whilst part of UBC.”