Media
Global Radio has sold its eight Midlands radio licences, including those for BRMB and Heart 106, to former Chrysalis Radio chief Phil Riley and the private equity arm of Lloyds TSB.
The eight licences cover six brands: Gold, BRMB, Mercia, Beacon, Wyvern and Heart, the latter of which will continue to be known by its current name under a brand licensing agreement between Global Radio and the partnership of Riley and Lloyds TSB Development Capital.
"We are delighted to be taking ownership of these stations," said Phil Riley, chief executive of LDC Midlands. "I have a real passion for radio in the Midlands, as someone who has spent most of his working life in the region, and LDC are perfect partners given their Birmingham base. These stations represent a fantastic opportunity for growth and we can't wait to start working with the teams there."
Riley ran Chrysalis Radio, the company which operated Heart, for eight years until 2007 when the business was bought by Global.
The eight licences cover six brands: Gold, BRMB, Mercia, Beacon, Wyvern and Heart, the latter of which will continue to be known by its current name under a brand licensing agreement between Global Radio and the partnership of Riley and Lloyds TSB Development Capital.
"We are delighted to be taking ownership of these stations," said Phil Riley, chief executive of LDC Midlands. "I have a real passion for radio in the Midlands, as someone who has spent most of his working life in the region, and LDC are perfect partners given their Birmingham base. These stations represent a fantastic opportunity for growth and we can't wait to start working with the teams there."
Riley ran Chrysalis Radio, the company which operated Heart, for eight years until 2007 when the business was bought by Global.
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