Granada has today completed the acquisition of the Border Television ITV franchise from Capital Radio, the two groups have announced. Granada has paid £50.5 million for the business.
Capital Radio acquired Border TV in May 2000, comprising the three Century-branded radio stations and the Border Television ITV franchise. The acquisition enhanced Capital Radio’s strategy of building a national presence for its analogue radio business.
The proceeds of the sale will be used by Capital to reduce its debt, which stands at around £40 million following the deal. This leaves ‘significant financial headroom’ for further investment in radio, says Capital.
In June Border TV took 9.8%, or £12.6 million, of ITV’s total advertising revenue.
