Ex-Chrysalis chief buys Global’s Midlands stations

Former chief executive of Chrysalis Radio Phil Riley has led venture capital group Lloyds TSB Development Capital to the acquisition of eight Midlands stations from Global Radio.

The group, which beat off competition from Bauer Media, bought the stations – believed to be worth £30 million – for an undisclosed sum.

The stations, BRMB, Mercia FM, Beacon FM, Wyvern, Gold Birmingham, Gold Coventry, Gold Wolverhampton and 106FM Heart East Midlands, will continue broadcasting as Heart 106, operating under a brand licence from Global.

The sale of the stations was made a condition of Global’s £375 million acquisition of GCap Media by the Office of Fair Trading (see Global Offers To Sell Off Midlands Stations).

Bauer Media had been the favourite to land the stations and was reportedly engaged in exclusive talks with Global (see Global expected to confirm £30m deal with Bauer).