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.”
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