Radio group GWR has made a bid of £70m for Westcountry, the privately-owned ITV company. While it is believed that Westcountry’s financial advisers would prefer the company to float on the Stock Market bids are currently being sought.
Other interested parties are thought to be HTV and Carlton Communications, though their bids are reported to have fallen short of GWR’s. If GWR does take control of Westcountry it would be the first example of a media company taking advantage of the relaxed cross-ownership rules which are an integral part of the 1996 Broadcasting Act. One main advantage of the deal for GWR would be the opportunities for joint selling of radio and TV advertising in the west of the country.
GWR: 01793 422 700
Westcountry: 01752 333333
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