Media In The City: GCap Turns Down Revised Global Radio Bid

Last week in the City, Gcap Media turned down a revised takeover bid from Global Radio, which valued the company at £333 million.

GCap said that the revised proposal “significantly undervalues the company because it does not reflect the value that would be created by implementing the strategy of the new chief executive, Fru Hazlitt” (Full Story).

Elsewhere, the world’s second largest advertising group, WPP, reported full year like-for-like revenue growth of 5% (Full Story).

WPP said: “2008 should be a better year than 2007, against the views of most economic forecasters, who predict a gloomy 2008.”

Virgin Media also announced results last week, which revealed that its fourth quarter earnings before interest, tax, depreciation and amortization increased by 2.6% to £321 million (Full Story).

It was a pretty busy week for results, with Trinity Mirror announcing pre-tax profits of £203 million in 2007, following the disposal of titles in the south east and The Racing Post (Full Story).

There was some bad news for Microsoft, as the EU gave it a record €899 million (£680.9 million) fine for charging unreasonable prices to let rivals access its software (Full Story).

The EU competition commissioner, Neelie kroes, told journalists that the fine could have been as much as €1.5 billion.

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