Report: Owner Mulling Sale Of U.K.'s Absolute Radio
April 5, 2011 at 4:22 AM (PT)
INDIA-based media company BENNETT, COLEMAN AND CO. LTD. is considering the sale of VIRGIN RADIO HOLDINGS LTD., licensee of ABSOLUTE RADIO in the U.K., reports MINT via the WALL STREET JOURNAL. The report indicates that JEFFERIES INDIA PVT. LTD. has been retained to market the station, although CEO RAVI DHARIWAL told MINT, "We are in the process of conducting a review as to where we stand. It's too premature to talk about the likelihood of sale, etc. I wouldn't want to comment any further."
BENNETT, COLEMAN's TIML RADIO LTD., a subsidiary of TIMES INFOTAINMENT MEDIA LTD., bought what was then VIRGIN RADIO in JUNE 2008 and rebranded the station as ABSOLUTE RADIO; the station, with a personality-based Rock format, is on FM in LONDON and AM in the rest of ENGLAND, SCOTLAND, and WALES. Despite critical success and expansion into additional complimentary formats on DAB digital radio, the station's revenue and ratings have been below expectations.