with RCS

Global Radio writes off £193m

The UK's biggest commercial radio group has written off almost £200m it lost during the past two years to reflect the plunge in value of its assets.

Global Radio, which bought GCap Media for £375m in 2008, spent £545m in total including its purchase of Chrysalis radio stations.

According the [link=http://business.timesonline.co.uk/tol/business/industry_sectors/media/article6962769.ece?]Times[/link], Global Radio shareholders invested an extra £65m to cut its debt, and the company recorded earnings of £31m for the year to March, compared with £33m in the previous 12 months, despite a 16 per cent fall in income to £223m.

“We were able to take advantage of market conditions to improve returns to shareholders in the medium to long term,” Global Radio’s chief executive, Stephen Miron told the newspaper.

You might also like

Comments are closed.