Forever Broadcasting, the Newcastle-based independent radio company, today said that it has experienced encouraging trading for its first quarter to 31 December 2002, although no actual growth figures were given.
The group pointed to yesterday’s RAJAR figures showing a 9% quarter on quarter and 30% year on year growth in listeners across its stations as underpinning the strong trading performance.
In November last year, Forever announced that it was looking to potential investors – possibly including management – to buy the company, following a strategic review of its operations (see Forever Broadcasting Looks At Management Buy-Out). The group today said that it is in discussions with a number of parties regarding a possible complete or partial takeover.
Nevertheless, the statement was guarded: “Whilst these discussions are ongoing, there cannot be any guarantee that they will result in an offer capable of recommendation by the Board for all or part of the company. The Board anticipates that these discussions will reach a conclusion shortly.”
Shares in Forever Broadcasting were up by 15% at 38.5p by mid-morning, following the announcement of the bid talks.
