Forever Broadcasting, the Newcastle-based independent radio and new media group, has announced the acquisition of Wolverhampton Area Radio (WAR), owner of analogue station 107.7 The Wolf. Forever has paid £5.1 million – £4.1 million in cash and the remainder by the issue of ordinary shares in the company. Forever will also absorb liabilities of £45,369.
In the RAJAR survey for the fourth quarter 2000, The Wolf had 63,000 listeners listening for 8.3 hours each, giving total listening of 523,000 hours per week. Forever believes that it will be able to build on this performance, and generate additional advertising revenues. The station covers an area with a population of 432,000 adults.
Forever Broadcasting was established in September 1999 and currently owns three radio stations: Juice 107.6FM in Liverpool which was acquired in November 1999 serving a population of 1.2m adults; Tower FM, broadcasting to Bolton and Bury which was acquired on 30th June 2000, serving 311,000 adults; and Surf 107.2 in Brighton and Hove which was acquired in December 2000, serving 311,000 adults. Surf 107.2 is currently being rebranded under Forever’s Juice name and format (see Forever Broadcasting Development ‘Continues Unabated’).
Commenting on the announcement John Josephs, Chairman of Forever Broadcasting, said: “Wolf is one of the largest independently-owned stations in the commercial radio industry and we are delighted that it is now part of the Forever group. Wolf, much like Surf 107.2 which was acquired in December, is a relatively new station with considerable potential which we believe we can unlock. The Wolf brand is already strong and is popular with the people of Wolverhampton, and we aim to back it fully with Forever’s additional skills and resources.”
