Tue, 30 Jul 2013 | BUSINESS SALE
Heat owner Bauer Media has bought Absolute Radio in a deal said to be worth up to £25 million.
The magazine seller behind British reader’s favourites including Heat, Bella, Kerrang!, Closer and Classic Cars Weekly, will add Absolute Radio to its other stations, which already include Kiss and Magic. Having bought Planet Rock this year as well, Bauer will now command 32 per cent of the commercial radio market.
Absolute was put on the market back in 2011 by its owner Times of India, but did not attract a sale at the time. The recent deal is a significant loss for Times of India who purchased the business for £53 million five years ago.
Originally known as Virgin Radio, Absolute counts Christian O’Connell and Frank Skinner among its DJs and has a national frequency with six digital radio stations. Its breakfast show is the second most listened to on commercial radio in London after Capital.
Paul Keenan, the chief executive of Bauer Media UK, said he has the “greatest respect for what it has achieved”.
“We are excited about welcoming this contemporary music radio business with renowned digital assets in Bauer,” he added.
Donnach O’Driscoll, the chief executive of Absolute Radio noted: “Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer Group.”
_________________________________________________________________________
Related information:
Dinamo Productions Ltd in administration
Peter Gabriel sells We7 to Tesco
View the latest media and advertising businesses for sale
Project Uranium designs and provides a high performing range of single-glazed and double-glazed partitioning systems. To further enhance this portfolio, the company has designed and laboratory-tested a fire-rated range, alongside a variety of acousti...
The company is a retailer of high-end costume jewellery operating out of a premium-located London store, with its growing online presence enabling it to attract interest from customers worldwide. Revenue is predominantly generated in-store, with the...
The business’s services encompass manned guarding, CCTV monitoring, vehicle patrol, key holding, event security, and door supervision, all delivered by highly qualified security personnel. The company offer a range of specialised security solutions,...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.