Media Sound Holdings, owner of Arrow FM, Bright FM, Sovereign FM and Splash FM has merged with Isle of Wight Radio.
The deal sees MSH acquiring 100% of IOW Holdings in an all share agreement, but there are no plans at this stage to combine the services on-air.
The arrangement is subject to due diligence and both parties hope to have concluded the transaction by early November.
Claire Willis and Hedley Finn will be joining the board of MSH and will play an active role in the development of the business with Claire taking on a Group role in addition to her current position as Managing Director of Isle of Wight Radio and Beacon Media Limited.
Allan Moulds Chief Executive of Media Sound Holdings Limited said: “Media Sound Holdings is a profitable and ambitious radio group and we are very much looking forward to working with Claire and her talented team at the Arqiva Radio Station of the Year; Isle Of Wight Radio and also the team at Beacon Media.
“This deal will allow our five radio stations to continue to deliver great local radio whilst benefiting from economies of scale. In addition, we have some very exciting plans to expand both our events and magazine activities.”
Claire Willis Managing Director of Isle Of Wight Radio & Beacon Media Ltd commented “Isle of Wight Radio has 22 years of heritage and has been awarded a number of industry accolades. Since taking over The Beacon Magazine in July 2011 we have been looking further at ways we can develop the business and we are delighted to be merging with Media Sound Holdings as this provides scope on so many levels to grow and also introduce new platforms.”
Posted on Sunday, October 7th, 2012 at 2:04 pm by RadioToday UK