Richard Branson decided last night to accept Chris Evans’ £85m takeover bid for the Virgin Radio group (subscribers see Evans’ Virgin Bid Confirmed) , snubbing Capital Radio which had offered £87m.
The deal gives Evans a 55% stake in the newly formed Ginger Media Group, with the rest being split between Richard Branson and venture capital firm Apax Partners. Ginger Media will then take full control of Virgin Radio Ltd.
David Campbell, chief executive of Virgin, will take on the same role at Ginger Media while Evans will take a place on the board.
Capital Radio this morning issued a statement in which David Mansfield, group chief executive, said: “Clearly, we are surprised and disappointed by this decision. However,…we are continuing to make significant progress in applying our core skills of producing music and entertainment across our range of business.”
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