Phil Riley, former chief executive of Chrysalis Radio, has won the race to buy eight Midlands radio stations from Global Radio.
Riley and investment vehicle Lloyds TSB Development Capital (LDC) have bought the eight licenses for an undisclosed sum, ending Bauer Media’s hopes of landing the stations.
The sale of the stations – which include BRMB Birmingham, Mercia FM in Coventry- was a condition the Office of Trading insisted upon when preliminary clearing Global Radio’s acquisition of GCap Media last year with the sale bringing a formal conclusion to the merger.
One of the eight, Heart 106 in the East Midlands, will continue broadcasting under the same name, operating under a brand licence from Global.
In addition, LDC has appointed Global Radio to represent the stations to national advertisers and their agencies.
Ashley Tabor, Global group chief executive, says: “We are delighted to have concluded this deal with LDC & Phil Riley, who will be great owners of these fantastic stations.”