Instead Geldof will stage LIVE 8, an event that will coincide with the G8 summit and highlight famine and debt problems in Africa. This will be staged in Hyde Park on the weekend of 3 July, the date scheduled for Party in the Park, which has in the past raised funds for The Prince's Trust and Help A London Child.
Capital was in advanced negotiations with last year's sponsors, Rimmel and O2, about backing this year's Hyde Park event. Regional Party in the Park concerts, sponsored by O2, will go ahead as planned, and Capital is considering staging a smaller sponsored London event later in the year.
GCap commercial director Linda Smith said she was disappointed by the cancellation. 'It is always a great opportunity to showcase the brand, and a terrific day out,' she said. 'Hopefully we can find some other way of raising funds for our charities and satisfying our sponsors.'
Separately, GCap - formed by the merger of Capital Radio and GWR - marked its 9 May debut by warning of falling advertising revenue. April ad income slipped 17% year on year, with May and June also expected to be down.
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