Bauer Media will complete its acquisition of Absolute Radio by the end of 2013, following approval from the Office of Fair Trading.
The OFT has ruled that a reference to the Competition Commission is not necessary.
Paul Keenan, CEO, Bauer Media UK, said: “This is an excellent way to end 2013 and sets up a brilliant 2014. Radio is growing and continues to be deeply loved by audiences and advertisers. We will grow the much-loved Absolute Radio brands for the benefit of both listeners and commercial partners and in so doing deliver even more world-class content and brands to extend our position as a market-leading multi-platform media owner, delivering some of the UK’s most valuable audiences.
“Bauer is investing in radio. We believe in the long term vibrancy and relevance to listeners and advertisers of radio. It’s a medium with a great future. We stated our intention to grow our radio business and, after the acquisition of Planet Rock and the launches of Kisstory and Kiss Fresh in the first half of 2013, this is the next significant step in achieving our ambition to be the best commercial radio operator in the UK.”
Absolute Radio will be led by Bauer Radio’s London managing director, Steve Parkinson, who will report to Bauer Radio group managing director, Dee Ford.