Media
GCap Media has paid £3.95 million in cash to UBC Media for its 18 Classic Gold AM radio stations.
The commercial radio group, which already owns a 20% stake in Classic Gold, plans to merge the network with its own Capital Gold to create a single classic hits offering.
GCap says it hopes the move will reduce operating costs and improve earnings. GCap already sells all the airtime on the Classic Gold stations and provides back office support including studio space, technology and inventory control.
Ralph Bernard, chief executive of GCap Media, said: "Classic Gold is an integral part of our advertising proposition. Acquiring these stations will enable us to create a single classic hits network with the potential to become a fast-growing national brand as audiences increasingly migrate to digital platforms."
Bernard added that GCap welcomed Ofcom’s recent announcement that it is considering the conditions for a switch off date for AM, "as this would greatly accelerate the uptake of DAB".
The acquisition, which includes relevant DAB digital licences held by Classic Gold, is subject to Ofcom approval.
The commercial radio group, which already owns a 20% stake in Classic Gold, plans to merge the network with its own Capital Gold to create a single classic hits offering.
GCap says it hopes the move will reduce operating costs and improve earnings. GCap already sells all the airtime on the Classic Gold stations and provides back office support including studio space, technology and inventory control.
Ralph Bernard, chief executive of GCap Media, said: "Classic Gold is an integral part of our advertising proposition. Acquiring these stations will enable us to create a single classic hits network with the potential to become a fast-growing national brand as audiences increasingly migrate to digital platforms."
Bernard added that GCap welcomed Ofcom’s recent announcement that it is considering the conditions for a switch off date for AM, "as this would greatly accelerate the uptake of DAB".
The acquisition, which includes relevant DAB digital licences held by Classic Gold, is subject to Ofcom approval.
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