Riley Buying Global's Midlands Spinoffs
May 22, 2009 at 5:48 AM (PT)
GLOBAL RADIO is selling five MIDLANDS stations and three GOLD stations to former CHRYSALIS RADIO CEO PHIL RILEY and LLOYDS TSB DEVELOPMENT CAPITAL's LDC MIDLANDS, reports the GUARDIAN. RILEY is acquiring Top 40 BRMB/BIRMINGHAM, Top 40 MERCIA/COVENTRY, Hot AC WYVERN FM/HEREFORDSHIRE-WORCESTERSHIRE, and AC BEACON RADIO/WOLVERHAMPTON in the WEST MIDLANDS and Hot AC HEART 106/NOTTINGHAM in the EAST MIDLANDS, the latter of which will continue under GLOBAL's HEART trademark under license. Also included are the Oldies GOLD stations in BIRMINGHAM, COVENTRY and WOLVERHAMPTON.
The stations were ordered to be spun off by the OFFICE OF FAIR TRADING as a condition of approval of GLOBAL's purchase of GCAP RADIO.