Planet Rock radio put up for sale
Planet Rock, the digital only radio station, has been put up for sale by its owner Malcolm Bluemel after it reportedly racked up losses of up to £300k a year despite garnering 1m listeners a week.
Bluemel purchased the station back in 2008 from GCap Media and has since invested around £3m of his own money into the station but has failed to make it profitable.
With DJ’s including Alice Cooper and Def Leppard frontman Joe Elliott the station has racked up a loyal following.
Speaking to MediaGuardian Bluemel said: "Digital radio has come of age and Planet Rock is at the forefront of that. I have put four and a half years of my life into this and £3m of my own money. Some people might say that I was lucky to have it in the first place, but I am not going to walk away from that lightly."
Bluemel was recently criticised by some for charging £5 for additional subscription based content at the station, prompting him issue an impassioned retort to fans saying: “"For the last four years I have worked my backside off to keep this station going," he said in the letter. "I am not a fat cat. If I was, I would have kept my money in my pocket, stayed at home with my wife and children and been £3m better off."