The first takeover following Government changes to radio ownership rules has been announced. Emap Radio has made a successful bid for the Metro Radio Group. Emap’s offer, which has been recommended by the Metro board, values Metro at £98.7 million. Capital Radio, which owns 18.1% of Metro, and Chrysalis, which owns 19.5%, announced in June that they were selling their stakes in Metro. Both these major shareholders plus Metro directors representing 43.3% of Metro’s share capital have taken ‘irrevocable undertakings’ to accept Emap’s offer.
Metro’s FM stations are: Metro FM in Newcastle, TFM in Teeside, Hallam FM in Sheffield and Doncaster, Viking FM in Hull and the Pulse in Bradford. Emap claims that the acquisition of Metro gives them a 17% share of commercial radio listening.
Emap: 0171 713 0200
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