GWR Group this morning announced that it will be merging with Classic FM to create a radio group worth £215m.
GWR, which controls 32 radio licences and has 3.9 million listeners per week, already owns 17% of Classic and will pay £71.5m for the rest. In order to comply with broadcasting legislation GWR will now be disposing of its 80% share in Leicester Sound and its 11% share in London News Radio for £16m to Daily Mail and General Trust. After this sale GWR will retain a 20% share in both companies.
GWR believes that as well as the potential for significant cost savings, particular opportunities for growth include the promotion and marketing of the Classic FM regional rate card and increased direct sales to national advertisers.
GWR: 01793 422 700
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