GCap Drops Ax On Digital, Will Sell Three Regional Xfm Stations
February 11, 2008 at 5:35 AM (PT)
U.K. radio giant GCAP MEDIA is closing its THEJAZZ and PLANET ROCK digital radio stations and selling its stake in national multiplex DIGITAL ONE to partner ARQIVA. and will sell or close its Alternative XFM regional stations in SCOTLAND, MANCHESTER and SOUTH WALES, as the company refocuses on its core broadcast business. If no buyer is found for the XFM trio by MARCH 28th, the company says that it will turn the licenses in to OFCOM. XFM/LONDON would be unaffected by the move.
CEO FRU HAZLITT, announcing the move, called digital radio "not an economically viable growth platform ... We are structuring the business around the revenue streams that can deliver us the most profit going forward. Planet Rock and theJazz are brands that we do not believe can win for us." HAZLITT also said that the company has reversed course on the fewer-commercials policy at its Top 40 CAPITAL 95.8/LONDON, where the limit of two spots in a row will be lifted.
The company also unveiled the first dedicated streaming audio for the APPLE iPhone and iPod Touch, offering streams of its stations through musicradio.com, which will also offer podcasts and the ability to buy tracks from iTUNES or AMAZON.