Wireless Group Sells Scot FM For £25.5m

The Wireless Group (TWG) has sold Scot FM to the Guardian Media Group (GMG) for £25.5m. The move comes weeks after TWG had to deny rumours that the entire group was to be sold due to funding difficulties (see Wireless Group Denies Claims That It Is Up For Sale).

Commenting on the sale, TWG’s chairman and chief executive Kelvin MacKenzie said, “To achieve a price for Scot FM at a valuation of 13 times historic turnover demonstrates clearly the asset-backed nature of the Group and how valuable our radio licences are.”

Scot FM was bought by TWG in 1999 as part of the Independent Radio Group acquisition. At the time it was valued at around £10m. A speech and contemporary music station, it serves the whole of the central belt of Scotland from Glasgow to Edinburgh and holds one Radio Authority licence. The deal is subject to Radio Authority Approval.

Guardian Media Group: 020 7278 2332 The Wireless Group: 020 7959 7900

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