Emap scoops SRH in £391.5m takeover
Emap has acquired Scottish Radio Holdings – owner of Radio Clyde and Radio Forth, among others – in a £285.4million deal, valuing the Glasgow-based company at £391.5m. Emap has also – as part of the deal – sold off SRH’s newspaper division to Johnston Press, for £155million.
Emap will now add SRH’s 22 stations to its portfolio of 21 stations. The London-based media company will look to cut costs by around £5million over the next five years.
The company is expected to retain its Scottish office, although some jobs are likely to be lost as it streamlines the business. David Goode will join the Emap board.
Johnston Press will take control of Score Press’s portfolio of 45 titles, including Stornoway Gazette, Carrick Gazette and Galloway Gazette, which it sold to Score in 2002, when it acquired Regional Independent Media.