Capital And GWR Name Merged Group
Capital Radio plc and GWR Group have announced the proposed name of the merged group, calling themselves GCap Media plc.
The development of the new name involved input from both companies, with the brand identity being developed in-house at Capital Radio.
Commenting on the new name, Ralph Bernard, executive chairman of GWR said: “The name GCap Media retains elements of both the Capital Radio and GWR brands and reflects the important contribution both businesses will make to the Merged Group.”
He continued: “We look forward to completing the transaction and establishing GCap media as the leading commercial radio group in the UK. This is a pivotal time for commercial radio as advances in digital technology open up new opportunities and GCap media will have greater scale and financial resources to take full advantage.”
Shareholders in Capital Radio will be asked to approve the name at an Extraordinary General Meeting at a date to be confirmed.
Earlier this week some of the senior positions in the Capital GWR merger were announced, with the current group sales director at Capital Radio Group, John McGeough, being given the same role for the enlarged company (see Top Positions Announced For Capital GWR Merger).
Capital’s trading and operations director, Colette Lister, is also reported to be retaining her position after the merger, while Colin West, GWR’s financial controller, will continue his job for the group. Capital Radio’s existing director of communications, Jane Wilson, will take on the role for the new company.
Last week the Office Of Fair Trading (OFT) took the final step in clearing the merger of Capital and GWR after the stations announced the satisfaction of all conditions set out previously by the OFT (see OFT Clears Final Hurdle In Capital GWR Merger).
The OFT were concerned that the merger of Capital and GWR may result in increased concentration and reduced customer choice in the East Midlands, with the proposed deal raising significant concerns for local and national advertisers.
However, last month Capital agreed to sell its East Midlands radio station, Century 106 FM, in order to avoid investigation by the Competition Commission (see Capital Sells Century 106 FM).
The radio groups now look set to complete their consolidation in early May, with the £711 million merger creating a single broadcaster with control of more than 40% of the radio advertising market.
Capital Radio: 020 7766 6000 www.capitalradiogroup.com GWR Group: 020 7284 3000 www.gwrgroup.com
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