Global’s GMG Radio takeover cost revealed

Global Radio’s latest financial report confirms Global Radio did pay “around £70m” for the radio division of the Guardian Media Group.

Figures just released, which show facts and figures to March 2013, confirms the actual amount was £69m and went on to value the net assets at £66.4m at the time the report was made.

The report also shows that GMG Radio made £51.7m in revenues and a £1.8m pre-tax loss in the year to the end of March.

Overall, Global Radio has losses of almost £30m thanks to a substantial payment to shareholders, while operating profits grew 11% to £37m and revenues grew from £209.4m to £219.5m.

The company made a pre-tax loss of £29.2m, up on the £27.7m reported in the previous year, including a £67.7m charge classified as interest payable and similar charges related to loans.

The company’s highest paid but unnamed director received a total remuneration of £2.04m – thought to be Founder Ashley Tabor.

The report shows a payment of £2.08m to RadioCentre, of which it now owns 46.3%.

With thanks to Guardian for the breakdown.

Get real time updates directly on you device, subscribe now.



Join our WhatsApp messaging service

To receive WhatsApp messages from RadioToday with occasional news headlines and breaking news alerts, send a WhatsApp message starting with 'Yes' to 01612621004.

Then add the number to your phone contacts as 'RadioToday' for this service to work. This is a private list and your number won't be shared with other users or organisations.



Similar Stories

Comments are closed.