Global Radio writes off £193m

The UK's biggest commercial radio group has written off almost £200m it lost during the past two years to reflect the plunge in value of its assets.

Global Radio, which bought GCap Media for £375m in 2008, spent £545m in total including its purchase of Chrysalis radio stations.

According the Times, Global Radio shareholders invested an extra £65m to cut its debt, and the company recorded earnings of £31m for the year to March, compared with £33m in the previous 12 months, despite a 16 per cent fall in income to £223m.

“We were able to take advantage of market conditions to improve returns to shareholders in the medium to long term,” Global Radio’s chief executive, Stephen Miron told the newspaper.