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Midlands radio sale cleared

Global Radio has confirmed Heart will stay on-air in the East Midlands, under new owners LDC and Phil Riley.

The OFT has officially cleared the sale of the Midland licenses, which will see former Chrysalis chief executive Phil Riley take control of BRMB, Mercia, Wyvern, Beacon, Heart 106 and three Gold stations. The new name for the group, Orion, was revealed by Mr Riley at the Radio Festival earlier this week.

A spokesman for Global said: “We are delighted the OFT has given clearance for the deal with LDC and Phil Riley to conclude. We are pleased that the Heart brand will remain on air in the East Midlands, where audience numbers are going from strength to strength and in addition that Global’s commercial team will represent these stations commercially to national advertisers and their agencies.”

LDC, the Lloyds TSB Development Capital, is the private equity arm of Lloyds TSB Banking Group.

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