UTV withdraw from GCap bid

UTV Radio, one of the favourites expected to make an offer for nine GCap Media stations which are for sale, has withdrawn from the auction.

A report in the Guardian Newspaper today also claims that just five companies, possibly including an overseas company are left in the race. The sale is expected to fetch around 35 mln stg, which GCap plans to distribute to shareholders, the newspaper said.

GCap Media are selling the stations after a new strategy was announced on November 24th 2005. The stations for sale are the former Marcher Group stations in the Northwest and North Wales: MFM, Buzz 97.1, Coast FM and Champion FM along with stations in the Southwest which do not fit with the key GCap geographic regions Gemini FM, Plymouth Sound, Orchard FM, Lantern FM and South Hams Radio.

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