Absolute Radio is off the market

Times of India have officially announced the completion of its Absolute Radio review and have confirmed long-term backing and confidence in the business, which means the station is no longer up for sale.

UTV Media and Virgin were thought to be interested in Absolute, but were not willing to pay £20 million for the station.

The company said the broadcaster will record a 32% revenue increase in Q3 2011, beating the market by 17%.

Absolute has recently recorded its best RAJAR performance in ten years, which sees the Absolute Radio Network with over 24m hours and nearly 3m listeners, up 66% and 43% year on year respectively.

Absolute Radio chairman & Times of India CEO, Ravi Dhariwal, said: “Absolute Radio has demonstrated great digital innovation, thought leadership and has significantly grown its business in the last 12 months – we have great confidence in the British digital economy, in the One Golden Square team and in Absolute Radio’s senior management as it heads towards breakeven in 2012 and we look forward to continuing to invest in the business for many years to come.”