GCap rejected Chrysalis bid
During negotiations between GCap Media and GMG Radio for the sale of the Century brand, it is believed that Chrysalis made an eleventh-hour indicative offer of over £70m for the two stations.
GCap accepted £60m from GMG, which blocked rivals Chrysalis snapping up the the two AC formatted regional stations in the Northeast and Northwest of England.
According to a report in The Independent, Chrysalis had hoped to re-brand the two stations as Heart and secure cost synergies by integrating the businesses with its operations in the Midlands.
A banker close to GCap told the paper: "It is true that Chrysalis made a higher offer than GMG, but it was a last-minute approach and one made without the benefit of detailed information about the two stations."
As reported first on RadioToday.co.uk, GMG bought the Century brand on 18th October, and a recent survey suggests the industry would like to see the brand co-exist along with Real Radio, protecting the heritage of each station name in their own markets.
At the time of the sale, John Myers, Chief Executive, Guardian Media Group Radio said:
“These are two very good stations, with great people and in areas of the UK we know well. It gives us increased scale and consolidates our determination to be a major force in radio".
John Myers and his team launched both Century Radio stations before joining GMG to set up their radio division.