Bauer Media UK has confirmed the acquisition of digital radio station Planet Rock.
The takeover sees Planet Rock joining Bauer’s growing portfolio of national radio brands joining the likes of Kiss, heat, Q, Kerrang!, The Hits and Smash Hits.
Of the deal, Paul Keenan, Bauer Media UK chief executive, said: “Planet Rock has built an excellent reputation with listeners and the music industry. We are looking forward to the station becoming part of our global media company where we can offer significant resources across multiple brands and platforms to take it to even greater heights.”
Planet Rock was put up for sale in September last year by owner Malcolm Bluemel after it reportedly chalked up losses of around £300,000 a year. Bluemel had purchased the station in 2008 from GCap Media and invested £3 million of his own money into the station but failed to make it profitable, despite an audience of around one million listeners per week.
Former owner Bluemel added: “Planet Rock is going to a great home. Bauer is a business that really cares about building brands and music radio in particular. The station is in safe hands with the new owners and I’m looking forward to following its success going forward.”
The station will be managed by Steve Parkinson, Bauer Radio’s London managing director, who commented: “I’m looking forward to working with the talented Planet Rock team to develop the radio station further - and make it an even better experience for music fans and increase the appeal and value to advertisers as part of our national radio brand portfolio.”