It was announced today that the owner of LBC, Crown Communications, has gone into receivership, leaving debts of up to £16m.
It now looks as though the proposed takeover of the radio station by Lady Shirley Porter’s consortium, Chelverton, may go ahead. The rumour still stands that ITN is considering setting up a rival bid, along with former LBC financial editor, Douglas Moffitt and merchant bank, Guinness Mahon.
The station still plans to broadcast as normal and will advertise its licence in late March.
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