Post by Commander Gideon· On DAB Digital Radio and local MW / AM
· On Digital TV: Sky 0121, Virgin Media 959 & Tiscali 611
· Online: www.golddigital.co.uk (tbc)
I haven't heard any on air references on Capital Gold for this new station
yet,has anybody else?
Media Guardian:
GCap takes reins at Classic Gold
Jason Deans
Wednesday April 25, 2007
MediaGuardian.co.uk
GCap Media has taken full control of the 18 Classic Gold AM radio
stations by buying out UBC Media, its partner in the joint venture that
operates the services, for £3.95m.
The Capital Radio owner said it planned to merge the Classic Gold
services with its existing Capital Gold stations to create a single
classic hits network. The deal also includes a number of Classic Gold
digital radio licences.
Classic Gold's network is operated by Classic Gold Digital, a joint
venture in which UBC Media has an 80% stake, with GCap owning the
remaining 20%.
UBC Media will receive £3.95m in cash for its Classic Gold Digital
stake, with today's deal valuing the Classic Gold stations at £4.94m in
total.
GCap Media already sells all the airtime on the Classic Gold stations
and provides back office support including studio space, technology and
inventory control.
The company forecasts that merging the Classic Gold and Capital Gold
networks will provide saving of £800,000 this year.
Classic Gold Digital acquired the Classic Gold licences from GCap Media
in two separate transactions in 2000 and 2002.
The total price of the two acquisitions, £4.3m, was paid by Classic
Gold Digital partly in UBC shares and partly in cash and cash
equivalent.
UBC Media said it expected to show a profit on the Classic Gold sale of
£2.5m in the current financial year.
The deal is subject to Ofcom approval.