Former Jazz FM Boss To Front Radio Investments Buy-Out
Former Jazz FM chief executive, Richard Wheatly, is returning to commercial radio at the helm of the Local Radio Company, which looks set to acquire Radio Investments later this week.
The Local Radio Company is thought to be on the brink of announcing details of the acquisition, which will see it take control of the twenty-two local radio stations currently owned by Radio Investments.
Radio Investments is reportedly being sold by GWR, owner of Classic FM and Guardian Media Group, which acquired the Jazz FM stations two years ago. Wheatly has made no secret of his intention to return to commercial radio following the acquisition.
According to a report in today’s Financial Times, Wheatly will be joined by a number of other former Jazz FM executives in the Local Radio Company venture. These include the station’s former finance director Alistair Mackenzie and ex-entertainment director Simon Cooke.
A range of venture capitalist and private equity firms are also thought to be backing the company, which is expected to announce details of its accelerated flotation on the alternative AIM index later this week.
Wheatly was widely credited as the man responsible for turning around the fortunes of Jazz FM. His early career in advertising and marketing helped him to develop the station as a brand, with its own CDs and concert organisation. However, such spin-offs could be more difficult to achieve in local radio.
The latest RAJAR results for the first quarter of this year revealed a positive performance for commercial radio, which is leading the way out of the advertising downturn and is continuing to increase its delivery of core audiences to advertisers (see Commercial Radio Increases Offering To Advertisers).
GWR Group: 020 7284 3000 www.gwrgroup.com
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