GCap wants Emap – report
A report over the weekend suggests GCap Media are putting together a bid to buy Emap's radio business, after the Magic owner ordered a review last week. The Financial Mail suggested, without saying where it got the information, several private equity firms are interested in acquiring Emap.
Global Radio, which recently took over Chrysalis has [link=https://radiotoday.co.uk/news.php?extend.2141]hired[/link] former Emap boss Richard Park – fueling speculation they themselves are interested in putting in an offer for the radio stations which includes Magic and Kiss networks.
City sources have put a target sale figure of around 700 million pounds for the entire Emap business, including magazines and television channels. Apax Partners, the private equity group, has already made an informal approach to buy Emap's business titles for £1.3bn.
Emap are currently operating without a chief executive after Tom Moloney '[link=https://radiotoday.co.uk/news.php?extend.1965]stepped down[/link]' in May.
Chief Executive of GCap Media Ralph Bernard, talking to the Telegraph last month about a merger with Emap said: "We never say 'never', obviously, but we've got plenty on our plate and we don't want to get into merger discussions just when we're getting things right".
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