Radio owner Global Radio has described EMAP’s sale to H Bauer “frustrating” and has expressed its disappointment at the surprise move announced this morning (December 7).
Global Radio, led by Charles Allen (left), was in the race to acquire both the radio and the magazine assets of EMAP.
A letter by the group chief executive Ashley Tabor says: “Global has been participating in the sale process for EMAP Radio for the last few months. Many hours of work have gone into this process on many levels to ensure we were the best positioned party to acquire EMAP’s radio assets.
“Despite keeping a dignified silence, we have repeatedly been positioned in the press as favourites to win… The opportunity for EMAP’s board to sell their radio and magazine assets simultaneously is very attractive to them… I’m afraid to report this is exactly what has happened. Despite us being very well positioned to buy both their radio and magazine assets together and this is what they have decided to do.”
Tabor adds: “While this is frustrating, I take the view that the radio sector must and will consolidate in the near future. I assure you that Global are here for the long term and will continue to evaluate any future opportunities that present themselves.”