Capital Radio plc and GWR Group have announced the proposed name of the merged group, calling themselves GCap Media plc.
The development of the new name involved input from both companies, with the brand identity being developed in-house at Capital Radio.
Commenting on the new name, Ralph Bernard, executive chairman of GWR said: “The name GCap Media retains elements of both the Capital Radio and GWR brands and reflects the important contribution both businesses will make to the Merged Group.”
He continued: “We look forward to completing the transaction and establishing GCap media as the leading commercial radio group in the UK. This is a pivotal time for commercial radio as advances in digital technology open up new opportunities and GCap media will have greater scale and financial resources to take full advantage.”
Shareholders in Capital Radio will be asked to approve the name at an Extraordinary General Meeting at a date to be confirmed later.
Last week the Office Of Fair Trading (OFT) took the final step in clearing the merger of Capital and GWR after the stations announced the satisfaction of all conditions set out previously by the OFT.
The OFT were concerned that the merger of Capital and GWR may result in increased concentration and reduced customer choice in the East Midlands, with the proposed deal raising significant concerns for local and national advertisers.
However, last month Capital agreed to sell its East Midlands radio station, Century 106 FM, in order to avoid investigation by the Competition Commission (see ITV Advertising Forecasts From Lehman Brothers).
The radio groups now look set to complete their consolidation in early May, with the £711 million merger creating a single broadcaster with control of more than 40% of the radio advertising market (see Interactive TV ‘Poised For Growth’ Despite Shaky Start).
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