Global’s GMG Radio takeover cost revealed
Global Radio’s latest financial report confirms Global Radio did pay “around £70m” for the radio division of the Guardian Media Group.
Figures just released, which show facts and figures to March 2013, confirms the actual amount was £69m and went on to value the net assets at £66.4m at the time the report was made.
The report also shows that GMG Radio made £51.7m in revenues and a £1.8m pre-tax loss in the year to the end of March.
Overall, Global Radio has losses of almost £30m thanks to a substantial payment to shareholders, while operating profits grew 11% to £37m and revenues grew from £209.4m to £219.5m.
The company made a pre-tax loss of £29.2m, up on the £27.7m reported in the previous year, including a £67.7m charge classified as interest payable and similar charges related to loans.
The company’s highest paid but unnamed director received a total remuneration of £2.04m – thought to be Founder Ashley Tabor.
The report shows a payment of £2.08m to RadioCentre, of which it now owns 46.3%.