GWR sells shares in Vibe
Radio group GWR has sold their stake in Vibe to Scottish Radio Holdings, following their failed bid to acquire Bristol based Galaxy 101 station, giving SRH full control of the company.
SRH, which already owns 51% of Vibe Radio Services Ltd is paying GWR £17.6m for their 49% stake of the radio. The sale signals a retreat by GWR in their attempt to increase market share in the West Country and Wales.
The move has been viewed by many in the industry as a test case for consolidation in the radio industry.
GWR chairman, Ralph Bernard, criticised the competition, stating: “Following the competition minister’s statement last week, we have reviewed the proposed remedies and concluded that they were commercially unworkable ad we were not prepared to implement them. We believe that a swift disposal of our investment is in the best interests of GWR.”