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Deal Information

In June LDC supported the management buy out of eight Midlands Radio licences from Global Radio.

Global Radio, the UK’s largest commercial radio group, sold eight of its Midlands radio licenses to LDC and radio industry veteran Phil Riley, for an undisclosed sum. The sale, which sees the retention of the Heart brand in the East Midlands, is a result of the OFT’s ruling following the acquisition of GCap Media by Global Radio last year.

The new group is called Orion Media.

The stations involved are BRMB - Birmingham, Mercia FM - Coventry, Beacon FM - Wolverhampton & Staffs, Radio Wyvern - Worcester, Gold stations in Birmingham, Coventry and Wolverhampton and Heart 106 in the East Midlands, which will continue broadcasting as Heart 106, operating under a brand licence from Global.

This deal now brings to a conclusion the merger between GCap Media and Chrysalis Radio, pending formal acceptance of the OFT of undertakings in lieu.

Martin Draper, MD of LDC Midlands said:

“We are looking forward to working with Phil Riley who has a first class track record. The business has an outstanding heritage and we look forward to supporting Phil with his growth strategy. The Midlands advisory community have pulled together fantastically well over a very tight timescale to get this deal signed.”