Clear Channel Want A Stake In Jazz FM

Clear Channel International (CCI) announced today that, subject to the approval of Golden Rose’s shareholders and the Radio Authority (RA) it will be acquiring a stake in the two Jazz FM radio stations. CCI will also be underwriting an open offer and could end up with between 30% and 36% of Golden Rose.

Total Jazz FM, which is made up of Jazz FM 102.2 and Jazz FM 100.4, had a weekly reach of 718,000 at the last RAJAR audit.

CCI, previously The More Group (see Newsline), also announced the formation of a new business venture to be called Clear Channel Radio Sales (CCRS). The venture will form part of the More Group UK set-up, and the two Jazz FM’s will be CCRS’s first clients.

Jonathan Bass, development director at CCI, commented: “Jazz FM has proved itself over the last few years as an extremely successful niche brand, and this deal brings the right economics to make it a commercial success as well. We hope that this deal will produce a step-change in Golden Rose’s performance, and then, with CCRS’s help in re-energising sales, deliver cash flow growth.”

Clear Channel: 0171 287 3303 Golden Rose Communications: 0171 706 4100