Ofcom investigating GCap
Global Radio are still hoping to announce a formal offer to buy GCap, despite GCap being subject to an ongoing Ofcom inquiry into alleged competition irregularities on the One Network.
The company revealed the news today in a pre-close trading update report,
GCap confirmed it had received a letter last week from Ofcom concerning an ongoing investigation. According to the regulator, the alleged breaches occurred during the One Network's Secret Sound competition last January and February.
GCap has stated it remains in discussions with Global Radio regarding a possible offer for the company, and that a further announcement will be made in due course.