Chrysalis, the music and media group have announced the acquisition of Galaxy Radio from GWR Group plc, for £4.1 million. This includes the repayment of inter company debt of £463,000.
Galaxy will form part of Chrysalis’ Radio Division, which includes Heart 106.2 in London and Heart FM in the West Midlands. GWR’s takeover earlier this year of Chiltern meant that under ownership rules GWR had to sell one of its stations; Galaxy was chosen as it covers the same area as GWR’s flagship GWR FM.
Chrysalis disposed of its interest in Metro Radio Group in August, for £18.9m, to EMAP. As a result of the Galaxy acquisition, Chrysalis radio licences will reach an adult population of 15 million.
Chrysalis has said it intends to maintain the general nature of the Galaxy service, which is contemporary dance and pop music aimed at under 35 year olds
Chrysalis: 0171 221 2213
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