TLRC sells stations, resurrects Jazz FM

The Local Radio Company has confirmed it will be selling six loss-making FM stations citing a "difficult advertising environment in the radio industry".

Bath FM, Brunel FM, 3TR, Ivel FM, Vale FM and Pennine FM will be sold "for nominal amounts", having recorded a loss of £443,000 together with Dune FM, which was sold earlier this month.

"Their disposal enables us to significantly reduce central costs which will place the
Company in a stronger position to take advantage of opportunities that arise," executive chairman Richard Wheatly said in a statement outlining TLRC's first quarter performance.

Wheatly revealed that TLRC has struck a three-year licensing agreement with Guardian Media Group to resurrect the Jazz FM brand on digital platforms. Jazz, which disappeared in 2005 after GMG rebranded its remaining London station to Smooth, will relaunch on DAB in London, the North West and West Midlands, and will also be available nationally online and on digital satellite.

"This represents a major opportunity for us to develop a new business in a market segment which is not currently being served by any UK radio broadcaster at very low risk," said Wheatly, who was part of the original Jazz launch team. "We are currently working with GMG and expect to begin broadcasting in late autumn."