Riley fights off Bauer to buy Midlands radio stations
Phil Riley, the former chief executive of Chrysalis Radio, has pipped Bauer Media to the eight Midlands radio licences sold by Global Radio.
Riley - backed by Lloyds Development Capital – has bought the licences for an undisclosed sum, overcoming rival Bauer which had been locked in negotiations with Global.
The eight licences cover the brands: Gold Birmingham, Gold Coventry, Gold Wolverhampton, BRMB, Mercia FM, Beacon FM, Wyvern and Heart 106 East Midlands. The latter will continue broadcasting under the same name under a brand licensing agreement.
The stations' sale was a condition set by the Office of Trading last year as part of Global's acquisition of Gcap Media.
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