Wheatly-led consortium plans to buy Jazz FM

Richard Wheatly is understood to be heading up a consortium in a bid to buy Jazz FM from the Local Radio Company, following his resignation as non-executive director of LRC yesterday.

Wheatly, who sold Jazz FM to the Guardian Media Group for £44.5 million six years ago and relaunched it last October through LRC (see Jazz FM Set To Relaunch In October), has entered talks about a management buyout of the station.

LRC said: “The board of the Local Radio Company announces the proposed disposal of the Jazz FM business following a strategic review. The company also announces that is has begun negotiations regarding the proposed disposal with a consortium headed by Richard Wheatly.”

Wheatly is expected to be joined in his takeover bid by his former finance director at Jazz FM and LRC, Alistair MacKenzie, as well as a number of potential outside investors.

The station is currently available on digital audio broadcasting (DAB) radio in London, the north-west, the West Midlands, Glasgow and parts of the east coast of Scotland, with a potential audience of 22 million.

Jazz FM missed out on the last RAJAR release as it was operating under Smooth Radio, however, the station will report in the new RAJAR data at the end of January.

Local Radio Company: www.thelocalradiocompany.com