The Classic Gold network is valued at £4.94m and UBC is expected to make a £2.5m profit from the sale, which is subject to Ofcom approval.GCap already has a 20% stake in Classic Gold Digital and now plans to merge Classic Gold with Capital Gold to create a single classic hits network. The company already sells all airtime on the Classic Gold stations and provides back office support including studio space, technology and inventory control.Simon Cole, UBC chief executive, is now focusing on building service businesses rather than owning broadcast licences.He said: “We expect our network business to grow strongly this year and this, together with the important launch of our music downloading service for radio stations, needs to be management’s focus.”UBC Media, which is a shareholder in the 4Digital Group application for the second national digital multiplex, is set to deliver preliminary results in line with expectations.
United Kingdom
Gcap buys Classic Gold network
LONDON - GCap Media has bought UBC Media’s Classic Gold network of 18 AM stations and associated digital licences in a £3.95m cash deal.
_1.jpg)
.jpg)
