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29/09/2004
New merger creates UK's biggest commercial radio group
Capital Radio and GWR have agreed a merger deal today which will see the creation of the UK's leading commercial radio group.
If regulatory approval is granted, the merged group will own one national and 55 local analogue radio stations, 93 digital radio stations and will reach approximately 18 million listeners representing 36% of the UK commercial radio audience.
Based on the latest published financial results for both companies, the group will have combined turnover of £243 million. Capital Radio shareholders will hold 52% and GWR shareholders will hold 48% of the issued share capital of the group.
Ralph Bernard, Executive Chairman of GWR, said that the merger was a "fantastic opportunity to create UK commercial radio's champion of the digital age".
He added: "The enlarged group will be in a strong position to drive the growth of commercial radio's share of listening and total advertising by providing enhanced services to listeners and greater opportunities for advertisers. We expect this to deliver increased value to shareholders over time."
David Mansfield, Chief Executive of Capital Radio, added that the move would see a "vibrant new radio business with a leading position in an attractive and growing sector". "Capital and GWR share common strategies and values, and have complementary brands and geographic transmission areas in both the analogue and digital spectrum," he said.
Based on closing trading prices at September 17, the last trading day before the announcement that Capital Radio and GWR were in merger discussions, the merged group's combined market capitalisation would have been approximately £711 million
(gmcg/mb)
If regulatory approval is granted, the merged group will own one national and 55 local analogue radio stations, 93 digital radio stations and will reach approximately 18 million listeners representing 36% of the UK commercial radio audience.
Based on the latest published financial results for both companies, the group will have combined turnover of £243 million. Capital Radio shareholders will hold 52% and GWR shareholders will hold 48% of the issued share capital of the group.
Ralph Bernard, Executive Chairman of GWR, said that the merger was a "fantastic opportunity to create UK commercial radio's champion of the digital age".
He added: "The enlarged group will be in a strong position to drive the growth of commercial radio's share of listening and total advertising by providing enhanced services to listeners and greater opportunities for advertisers. We expect this to deliver increased value to shareholders over time."
David Mansfield, Chief Executive of Capital Radio, added that the move would see a "vibrant new radio business with a leading position in an attractive and growing sector". "Capital and GWR share common strategies and values, and have complementary brands and geographic transmission areas in both the analogue and digital spectrum," he said.
Based on closing trading prices at September 17, the last trading day before the announcement that Capital Radio and GWR were in merger discussions, the merged group's combined market capitalisation would have been approximately £711 million
(gmcg/mb)
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