The commercial radio group GWR announced this morning that it has offered £25.6 million for the entire share capital of Orchard Media. Orchard owns and operates the four independent radio licences of Orchard FM, Lantern FM, Westward Radio and Gemini FM. According to reports, the Orchard Board of Directors believed the offer to be in the best interests or the group and its shareholders, and intends to advise shareholders to accept it.
GWR hopes that purchase of the group will increase its presence in the West Country, enhance its opportunities for revenue growth and advertising offerings. It is set to beat rival bids by TLRC and Scottish Radio of £15 million and £18 million respectively.
Henry Meakin, chairman of GWR, commented: “These four stations are an excellent strategic extension to GWR’s existing interests in the west of England. Our coverage there increases to 2.6 million adults closely matching the HTV West marketing region which provides our advertisers with a new scale of opportunity.”
Orchard’s management is understood have been trying to grow the stations as an independent group. The sale to GWR, which owns Classic FM, takes Orchard into one of the country’s largest radio groups.
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GWR: 0118 928 4300 Orchard: 01823 338 448
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