UBC Media Group is now £4 million richer after completing the sale of its 80% shareholding in the Classic Gold Digital network of radio stations to GCap Media. The news of the sale was announced on April 25th 2007, and is now officially completed.
GCap plans to merge Classic Gold with Capital Gold to create one single classic hits network. The stations were originally sold to UBC in two transactions by GWR in 2000 and 2002 when Radio Authority rules regarding bulk ownership were stricter. It would take the number of analogue stations owned by GCap Media to 75.
UBC Media will find out this week if their partnership with Channel 4 Radio will help them win the second national DAB Digital Radio licence.
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