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Deep Pockets at Global Radio

The new investment company set to take over Chrysalis Radio has ‘deep pockets’ according to a recent Broadcast report. Global Radio is looking at hiring the likes of former Emap Radio boss Tim Schoonmaker and former Capital Radio chief executive David Mansfield, a source told the magazine.

Global Radio is fronted by former ITV boss Charles Allen and made an offer of £170m for the Heart, Galaxy and LBC stations on Monday this week. The offer has been accepted by Chrysalis shareholders but it thought will take weeks to be formally approved.

Chrysalis said Global Radio wants to use the radio stations as a platform to grow a larger commercial radio business – going against industry suggestions that Global would be in it for the short term.

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