CN Group has sold its network of radio stations in the midlands to Steve Orchard and his company Quidem, but remains in possession of The Bay, Lakeland Radio and Citybeat.
The newspaper company entered the radio market originally by having a shareholding in CFM, then went on to purchase The Bay just 10 years ago. It recently rebranded a handful of stations in the Midlands to Touch Radio, which all saw a loss in listening figures afterwards.
Quidem is a new company which has been established to seek opportunities in the local radio sector. It has been set up by Steve Orchard and Wendy Pallot (former Group Operations Director and former Group Finance Director, respectively, of GCap Media PLC). Steve Orchard is the CEO of the new company and Wendy Pallot the Chairman.
“Quidem has been formed to acquire commercial radio stations. Lord Carter’s Digital Britain report creates a number of significant incentives for this sector to innovate and grow, and our company is well placed to benefit from these exciting new opportunities. Quidem will always strive to deliver compelling local content. Creativity will drive our growth.” said Steve Orchard.
Touch Radio Banbury was sold earlier this year and the station recently relaunched as Banbury Sound. CN Group will now focus on their remaining stations in Lancashire, Cumbria and Belfast.
"Julie Fair, Managing Director Radio Division and Don Douglas, Group Programme Director will not be part of the sale and will be remaining with the Group for the time being," Chief Executive Robin Burgess told staff yesterday.
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Posted on Thursday, June 18th, 2009 at 9:29 am by RadioToday Staff