Absolute in pole position to buy Virgin Radio

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Absolute Radio, a consultancy led by former radio industry executives, is understood to be the frontrunner to acquire Virgin Radio. SMG, the current owner of Virgin, is due to make an announcement at its annual results tomorrow (April 3).

The company is thought to have made a cash offer of more than £60m for the station, which SMG bought from breakfast show DJ and owner Chris Evans for £225m. Absolute is now thought to be starting talks with Virgin Group, led by Richard Branson, which must approve the deal as it licences the Virgin name to the station.

UTV, the owner of TalkSport, is understood to have been the only other group left in the running for the station. It has made two successful bids for the station in the past.

Absolute founder Clive Dickens is a former group head of programming at Capital Radio and is thought to be a friend of Ashley Tabor, chief executive of Global Radio, the group currently taking over GCap Media.

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