Capital Radio Completes Disposal Of Non-Core Stations

Capital Radio has announced the sale of two of the local stations it acquired as part of the purchase of Fox FM and its subsidiary Bucks Broadcasting Limited. The sale of its shareholdings in Centre FM and FM 102 The Bear to CN Group Ltd will complete the disposal of Capital’s non-core stations. The company’s strategy will now be to develop larger brands operating in major metropolitan areas, such as XFM (see Capital Set To Develop XFM Brand Nationally, As Group Profits Rise 3.6%).

After renumerating shareholders who previously had minority interests in Bucks Broadcasting, the net cash proceeds of the deals to Capital will be £3.63m. By 10.30am today, shares in Capital had dropped 15p to £6.70, having ended yesterday 2½p down on Monday’s close (see Sharewatch).

Capital Radio: 020 7766 6000 www.capitalradiogroup.com

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