Listen2Digital, one of the two bidders for the second national commercial digital multiplex, has received the public support of private equity firm LDC.
Listen2Digital, a consortium group comprised of several partners including commercial radio group Orion Media, is proposing to provide 18 national DAB services. Orion is itself backed by LDC, as principal shareholder in the Midlands Radio group.
Phil Riley, Chairman of Orion Media said: “It’s great to see LDC, one of the UK’s leading private equity firms, publicly backing our bid for a second national DAB multiplex. LDC has longstanding and continued involvement with Orion Media, and I’m delighted they are committed to supporting Listen2Digital and the future of radio.”
Martin Draper, Chief Executive of LDC, said: “We are always happy to support our investee companies as they seek to expand. One area where this is currently exciting for us is in Digital radio, where we are backing our investee business, Orion Media, as they seek to lead a consortium bidding for the 2nd national digital DAB Radio multiplex. We are delighted they are bidding in partnership with FTSE 100 engineering support company Babcock, and are hopeful of being able to play our part in the roll-out of a new national broadcast infrastructure.”
Listen2Digital has previously listed nine investors who’ll invest £1m in cash between them. The rest of the £6m needed to launch will come from loans and back finance.