UTV Secures 50% Stake In First Radio Sales

The Local Radio Company (TLRC) has announced that it’s subsidiary sales house, First Radio Sales (FRS) will become a jointly owned venture with Ulster Television (UTV), with TLRC transferring a 50% stake in the company to UTV for £500,000.

The move will see FRS secure the airtime sales contract for 17 local radio stations acquired by UTV in its purchase of The Wireless Group earlier this year (see UTV Shareholders Approve TWG Acquisition).

With effect from 3 October, the new deal will swell FRS’s portfolio to 113 stations, representing 13% of all local commercial listening in the UK at 46.6 million hours per week.

Under the new ownership, Richard Wheatly, currently chief executive of TLRC, will become chairman of FRS, while the sales house’s Neil Webster will become managing director.

Commenting on the new company’s outlook, John McCann, group chief executive of UTV, said: “We expect to see further significant improvement in revenue performance in our local radio sales with the integration of our national advertising for those stations into a new joint venture sales house (FRS) with The Local Radio Company. FRS will now represent 113 stations throughout the UK making it a compelling proposition for national advertisers.”

Richard Wheatly, chief executive of TLRC, added: “This joint venture will be a compelling force in the national radio sales market providing clients with a fantastic buying opportunity for local radio. We are delighted to be working closely with the team at Ulster.”

The Local Radio Company: 01494 688200 www.thelocalradiocompany.com UTV: 02890 328122 www.utv.co.uk