Clear Channel/Ginger Media Deal Understood To Be Imminent

A takeover of Chris Evans’ Ginger Media Group by Clear Channel Communications is understood to be imminent today. Ginger, which owns Virgin Radio, has been at the centre of bid rumours since it announced its intention to either float on the Stock Exchange or build the business via a partnership with another media company (see Ginger Media Group In Bid Rumours).

Clear Channel, Scottish Media Group and BSkyB have all been put in the frame as possible buyers of Ginger. However, sources within the radio industry today claim that a deal is about to be announced showing that Clear Channel is the successful party.

Clear Channel International (CCI) operates the outdoor company previously known as More Group, and also owns Jazz FM. Through a deal in the US, CCI recently completed a merger with UK radio sales house Katz Radio Sales (see Clear Channel And Katz Radio Sales Houses Set To Merge Following US Deal). A deal with Ginger, and thus Virgin Radio, would cement CCI’s position in the UK radio industry.

No-one at Clear Channel or Virgin Radio was able to comment when contacted by Newsline this afternoon. More information will appear as soon as it becomes available.

Clear Channel International: 0171 287 3303 Ginger Media Group: 0171 287 3303