Bauer Media buys Absolute Radio for estimated £25 million

Owner of Kiss FM and FHM, Bauer Media, has agreed an estimated £20-25 million deal to buy Absolute Radio from Bennett Coleman and Co.

Bennett, Coleman and Co, which owns the Times of India, bought Absolute Radio – then known as Virgin Radio – from STV in 2008 for £53.2 million.

“We are looking forward to working with the award-winning team at Absolute Radio and have great respect for what it has achieved,” said Paul Keenan, chief executive of Bauer Media UK. “We are excited about welcoming this complementary music radio business with renowned digital assets into Bauer.”

Donnach O’Driscoll, the chief executive of Absolute Radio, said: “The Absolute Radio business has never been in better shape as we approach our fifth birthday.

“Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer group.”

Former Virgin Radio chief John Pearson, who pulled out of buying the station in January this year, reportedly valued the Absolute Radio business at between £10 million and £15 million.