Orion Media, spearheaded by former Chrysalis boss Phil Riley, can finally take full control of their eight purchased stations from Global Radio as the deal reaches a conclusion.
The agreement, which was originally announced in May, sees the sale of BRMB, Mercia FM, Beacon FM, Wyvern FM, The Gold stations in Birmingham, Coventry and Wolverhampton and Heart 106 in the East Midlands, which will continue broadcasting as Heart 106, operating under a brand licence from Global.
Ashley Tabor, Global Founder and Group CEO said: “We are delighted to have completed this deal with Orion Media and Phil Riley, who will be great owners of these fantastic stations. We are pleased that the Heart brand remains on air in the East Midlands, where audience numbers are going from strength to strength.
In addition, Orion has appointed Global Radio to represent their stations commercially to national advertisers and their agencies, a great reflection of the strength of Global’s commercial team.”
Phil Riley, chief executive of Orion Media said: "I'm delighted that the deal has now completed, and that we as Orion can start working with the talented teams at the stations to grow them and enhance their position in the Midlands media landscape. It promises to be a really exciting next few years!"