DMG Overcomes Regulatory Hurdle To Take Over Essex Radio

DMG Radio has received clearance from the Radio Authority to take over Essex Radio for £20.9 million.

DMG previously held a 27% stake in Essex Radio and last September announced that it wished to increase its interest to 41%. Under the City Code a share of this size requires the stake holder to make a formal offer for the rest of the business. Due to the fact that DMG owns local newspapers in the Essex area, a Radio Authority investigation was immediately instigated.

DMG’s offer of £20.9m has been recommended for acceptance by the Essex radio directors and several shareholders have already agreed to the takeover.

Essex Radio owns and operated five local radio services in the Essex, Hertfordshire and East Anglian regions, including Essex FM and Breeze AM , along with the new regional licence, Vibe FM, while DMG has interests in the GWR Group and London News Radio .

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DMG Radio: 0171 938 6790