GWR has announced that it will buy a 31% stake in London News Radio Ltd (LNRL), a new company which has agreed to acquire London Radio Services Ltd, which operates the London News Radio stations. The deal, worth £1.7m, will be completed by 1 April.
The other shareholders in LNRL are ITN with 29%, Reuters with 20% and DMG Radio London Ltd (a subsidiary of Daily Mail and General Trust PLC) with 20%. The Chairman of the newly-formed company will be Ralph Bernard, Chief Executive of GWR, and Charlie Cox (DMG Radio) will be Deputy Chairman. Other members of the Board will be John Parcell (Reuters), Stewart Purvis and Martyn Wheatley (ITN) and Eddie Blackwell (GWR).
LNRL intends to re-launch the stations and will relocate to ITN’s premises at Gray’s Inn Road during 1996. Ralph Bernard, Chief Executive of GWR, said: “GWR has looked for this opportunity for some time. It fits cohesively with our strategy of making industry investments and opens to GWR a further audience potential of 9.8 million.”
GWR: 01793 422770
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